Fraudster jailed for additional 3 years and more for defrauding investors
After serving an 11-year imprisonment from 2018 for his role in a £2,8 million investment fraud scam, Mr Nascimento was jailed for an additional 1,417 days for failure to pay a confiscation order made to him on 21 June 2021.
Mr Nascimento was ordered to pay the sum of £976,511.81
before 21 December 2021, in which he has currently only paid, almost half.
The illicit proceeds derived from cold calls and high-pressure sales tactics, persuading the members of the public to buy shares in a company that owned land on the island of Madeira.
Investors were promised ambitiously high guaranteed returns of 125% and 228%, when in fact the money was used to fund the lifestyle of Mr Nascimento.
Mr Nascimento outstanding debt will continue to be liable even after time is served and all money recovered will be used to compensate the victims.