The Financial Conduct Authority has alleged that the defendants were involved in the promotion of investment schemes that offered investors interests in a purported commercial development in Madeira.
A total of 175 investors may have lost approximately £2.75m ($3.9m, €3.5m).
Conspiracy to defraud
Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker (previously Ryan Sell), and Jeannine Lewis, all of whom live in London and the southeast, were charged with conspiracy to defraud, together with offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006.
Two of the five are also charged with perverting the course of justice contrary to the common law and one has been charged with money laundering offences contrary to the Proceeds of Crime Act 2002.
Between July 2013 and March 2014 the five are accused of promoting and/or selling shares in Atlantic Equity, formerly known as Berkeley Brookes, through a succession of four alleged ‘boiler room’ companies.
The companies were called First Capital Wealth, Bishops of Mayfair, Wallberg Dillion Reid, and Sterling Capital Corporation, all of which traded from Docklands, London.
Following Thursday’s hearing a trial date has been set for 4 September 2017.
The FCA was unable to provide further comment or information at this time.