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FCA charges sixth person over £2.75m boiler room fraud

FCA charges sixth person over £2.75m boiler room fraud

The Financial Conduct Authority (FCA) has charged a sixth person involved in a £2.75 million boiler room fraud with conspiracy to defraud. 

Charanjit Sandhu was also charged with offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006. 

The regulator had already charged five others in relation to the same scheme. Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker and Jeannine Lewis, all resident in London and the south east, were charged with the same offences and appeared in court in June.

The charges were bought following an FCA probe in to four alleged boiler room operations based in London’s Docklands, all promoting the sale of shares in Atlantic Equity LLC.

The FCA at the time alleged that the defendants were involved in the promotion of investments schemes that claimed to offer participation in a commercial development in Madeira. 

It was estimated that a total of 175 investors may have lost £2.75 million.

Sandhu's case has been put to Southwark Crown Court and the FCA said it cannot provide any further comment at this time.  

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