FCA charges five over £2.75m fraud scheme

The FCA alleges the defendants were involved in the promotion of investment schemes relating to a purported commercial development in Madeira, in which 175 investors may have lost approximately £2.75 million.

The offences relate to the promotion and sale of shares in Atlantic Equity LLC (formerly known as Berkeley Brookes LLC) through a succession of four alleged ‘boiler room’ companies called First Capital Wealth Limited, Bishops of Mayfair Limited, Wallberg Dillion Reid Limited and Sterling Capital Corporation Limited, all of which traded from Docklands, London.

Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker, and Jeannine Lewis, will face trial on 4 September 2017.

Two of the five are also charged with perverting the course of justice and one has been charged with money laundering offences contrary to the Proceeds of Crime Act 2002.