Michael Nascimento Sentenced After Not paying Confiscation Order
Summary
Michael Nascimento has been sentenced to almost four additional years in prison for failing to pay a confiscation order.
Nascimento was sentenced to 11 years imprisonment In 2018 for his role in a £2.8m investment fraud. Along with five associates, Nascimento was convicted 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 in Madeira. Investors were promised guaranteed returns of between 125 and 228%. In reality, the money was used to maintain the fraud and fund Nascimento’s lifestyle.
Commenting on the case, FCA executive director of enforcement and market oversight Mark Steward said ‘Convicted fraudsters should not be able to retain the proceeds of their wrongdoing. We will continue to ensure orders are not evaded.’
Southwark Crown Court issued a confiscation order on 21 June 2021, to satisfy which Nascimento was ordered to pay £977,000 by 20 December that year. At the time of his being sentenced to additional prison time, Nascimento had paid less than half that amount, with interest on the outstanding balance accruing at a daily rate of £118.60.
Even after serving an extended sentence in default of payment, Nascimento remains liable for the outstanding amount. All money recovered will be used to compensate victims of his crime.