Five people appeared at Southwark Crown Court today after 175 investors lost £2.75m from investing with their company.
The charges followed an investigation by the Financial Conduct Authority and relate to the promotion and sale of shares in Atlantic Equity LLC between July 2013 and March 2014.
The FCA alleges the defendants were involved in the promotion of investment schemes that offered investors interests in a purported commercial development in Madeira.
They are: Michael Nascimento, 38, Hugh Edwards, 33, Stuart Rea, 48, Ryan Parker (previously known as Ryan Sell), 23, and Jeannine Lewis, 48. They are all from London and the south east.
All five have been charged with conspiracy to defraud, after promoting and selling the shares through a succession of four alleged “boiler room” companies called First Capital Wealth Ltd, Bishops of Mayfair Ltd, Wallberg Dillion Reid Ltd and Sterling Capital Corporation Ltd; all of which traded from London.
The five have also been charged with offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006.
Two of them have also been 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.
Following today’s hearing, a trial has been set for 4 September 2017.