Madeira land sale fraudster jailed for further four years

Hope William-Smith
clock • 1 min read

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 sho...

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