14 Sep 2018

Fraud ringleader jailed for fleecing investors

Economics Correspondent

Cynical, repellent, despicable – just some of the words used today by a judge to sum up a share fraud that cost investors millions of pounds.

Today the ringleader of that scam, Michael Nascimento, was jailed for 11 years after he was found guilty of conspiring to fleece 170 investors out of their cash.

The investors were told their shares would rocket in value. Instead Nascimento spent thousands of pounds on Arsenal tickets, school fees and rent. Five others have already been jailed.