Operation Tidworth, the British Financial Conduct Authority’s second largest ever criminal prosecution, has come to a successful close with five fraudsters being sentenced to a combined total of 17.5 years' imprisonment.

The five learnt their fate at Southwark Crown Court last week. Michael Nascimento, another defendant who was the fraud's controlling mind, instigator and main beneficiary, will be sentenced separately in a few days' time.

The gang targeted elderly people, both rich and poor, to the tune of £2.8 million with their stock fraud. They operated a 'boiler room' from which they cold-called people and subjected them to high-pressure sales tactics.

Charanjit Sandhu, 28, is to serve 5.5 years’ imprisonment. He was a senior broker, often using bullying sales tactics and false names. The judge said that he had pestered two investors mercilessly on the telephone. Nascimento's secretary, Jeannine Lewis, helped him launder the proceeds of the fraud through various bank accounts including her own. She hid and destroyed documents and computers to prevent FCA investigators from seeing them, in the time-honoured fashion of the banks.