Five Jailed for 17 Years in £2.8 Million Boiler Room Scam

[kreslik.news]

Five individuals who were involved in a financial scam in the United Kingdom have been sentenced to a total of 17.5 years’ imprisonment at Southwark Crown Court on Tuesday. The fraud, which was carried out through a number of boiler room companies, resulted in investors losing £2.8 million ($3.6 million).

The Financial Conduct Authority (FCA) brought the case forward in what the regulator is calling one of its largest ever investigations. The sixth defendant, Michael Nascimento, who was the mastermind and main beneficiary of the scam, will be sentenced separately on September 14, 2018.

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