Michael Nascimento has been sentenced to an additional four years in prison for failing to pay a confiscation order made against him, the Financial Conduct Authority (FCA) has announced.
In 2018, Nascimento was sentenced to 11 years’ imprisonment for his role in a £2.8m ($3.42m, €3.16m) investment fraud, where he was convicted with five associates of defrauding investors through a series of boiler room companies.
Members of the public were cold-called and subjected to high-pressure sales tactics to persuade them to buy shares in a company that owned land on the island of Madeira. Investors were promised guaranteed returns of between 125% and 228%. The money was, in fact, used to maintain the fraud and to fund the lifestyle of Nascimento.
Mark Steward, director of enforcement and market oversight at the FCA, said: “Convicted fraudsters should not be able to retain the proceeds of their wrongdoing and we will continue to ensure orders are not evaded.”
The confiscation order was made on 21 June 2021 at a hearing before judge Hehir at Southwark Crown Court. Nascimento was ordered to pay just over £976,000 before 21 December 2021 to satisfy the confiscation order.
According to the FCA, he has paid almost half of that amount to date, with the outstanding balance accruing interest at the daily rate of £118.60.
Even after serving the sentence in default of payment, Nascimento will continue to be liable for the outstanding debt. All money recovered from Nascimento will be used to compensate the victims of his crimes.
The additional four-year sentence was activated on 16 December 2022, at a hearing at the City of London Magistrates’ Court.