£2.75m Boiler Room Scam

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£2.75m Boiler Room Scam

The alleged investment fraud tactic known as ‘boiler room’ has continued operating for over a year.

The U.K. Financial Conduct Authority has charged a group of five individuals with investment fraud. The allegations against Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker (previously known as Ryan Sell) and Jeannine Lewis come under a thorough investigation by the regulatory watchdog.

The group appeared in court today facing charges of conspiracy to defraud and offenses under the Financial Services and Markets Act of 2000 and the Fraud Act of 2006. Two individuals are also charged with “preventing the course of justice contrary to the common law”, while one was also charged with money laundering offenses.

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