Convicted fraudster Michael Nascimento has been sentenced to almost four years of additional prison time for failing to pay a confiscation order made against him in 2021.
Nascimento, who was sentenced to 11 years imprisonment in 2018, was central in a £2.8m investment fraud case that promised investors returns of between 125% and 228%.
The Financial Conduct Authority (FCA) today (17 January) said he has only paid around half of a £976,511 confiscation order made at a hearing in June 2021, with the outstanding balance accruing daily interest of around £119.
"Convicted fraudsters should not be able to retain the proceeds of their wrongdoing," said FCA director of enforcement and market oversight Mark Steward. "We will continue to ensure orders are not evaded."
Even after serving the sentence in default of payment, the FCA has confirmed Nascimento will continue to be liable for the outstanding debt.
The regulator also confirmed all money recovered from Nascimento will be used to compensate victims of the fraud.
Case background
Along with five associated, Nascimento was found guilty of defrauding investors through a series of boiler room companies. High-pressure sales tactics and cold-calling were used by the group to persuade victims to buy shares in a company that owned land on the Portuguese island of Madeira.
Monies handed over by investors at the time where subsequently used by Nascimento to fund a lavish lifestyle.
