Former bouncer who ran £2.8m boiler room scan jailed for 13 years

A former bouncer who ran a ‘slick’ £2.8m boiler room fraud to fund a luxury lifestyle was jailed for 13 today (fri).

Michael Nascimento, 41, led a gang of cold callers who fleeced elderly investors out of their life savings after selling them shares in a business based in Madeira.

They told pensioners they could make huge returns on land once it was developed into luxury villas with sea views next to an exclusive golf course.

But the site was on a steep inland slope used by a farmer for growing potatoes.

Judge Christopher Hehir described Nascimento as ‘callous and cold’ and said:’This was a fraud targeting particularly vulnerable people.

‘The victims were beguiled with the promise of large returns on their investments.

‘You chose names which are similar to those of reputable finance companies and pretended operate out of prestigious addresses.

‘It all resulted in extremely high losses for the victims, it was repellent.

‘Some victims lost everything; many were vulnerable and elderly and lost money saved for retirement.

‘Some are now unable to leave money for their children and grand-children.

‘Some expressed feelings of shame and embarrassment at being taken in by you.

‘It’s important that we all bear in mind that the victims of fraud do not choose to be scammed; people like you deliberately choose to scam them.

‘For a period of at least four years, your single-mindedly devoted your life to the pursuit of riches through fraud.

‘You were very adept at getting others to do your dirty work for you.

‘You have considerable gifts of charm and intelligence.

‘You used those gifts to exploit your victims.

‘You are very good at singling out weaknesses in people; many of those doing your dirty work had alcohol or drugs problems.

‘You are happy to defraud people from a distance and quite happy to defraud people you are looking in the eye.’

Heavily-built Nascimento, wearing a grey Adidas tracksuit wiped tears from his eyes as the judge mentioned his young daughter and said: ‘Those who committed serious offences have a punishing effect on those close to them.’

Nascimento, of Green Lane, Chislehurst, Kent, denied but was convicted of fraud by abuse of position, conspiracy to defraud, perverting the course of justice and three counts of money laundering.

He was jailed for a total of 13 years.

Fellow fraudster Sandeep Dosanjh, 30, was jailed for four years for his ‘leading role’ in the scam today (fri).

Dosanjh, from Grays, Essex, ran two of the boiler room companies for Nascimento, the court heard.

But his sentence was heavily reduced after he admitted two counts of conspiracy to defraud on the first day of trial.
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