Michael Nascimento has been sentenced to 11 years’ imprisonment for his part in a share fraud carried out through a series of boiler-room companies which led to the loss of more than £2.8 million of investors’ money.

The Financial Conduct Authority states that Nascimento was the controlling mind, instigator and the main beneficiary of the fraud. All six perpetrators are going to be imprisoned for a total of 28.5 years.

Between July 2010 and April 2014, members of the public were cold-called and subjected to high-pressure sales tactics to persuade them to purchase shares in a company that owned land on the Portuguese island of Madeira. The salesmen told investors that the value of the shares would increase substantially when permission to build 20 villas was granted, thereby enhancing the land’s value. They guaranteed returns of between 125% and 228%, although none were ever paid. Investors’ money was used to maintain the fraud and particularly to fund the lifestyle of Mr Nascimento.

More than 170 members of the public succumbed. The boiler-room men targeted the elderly in particular.

Nascimento also received a separate sentence of two years in respect of a different prosecution by the Crown Prosecution Service and the City of London Police - the UK's top anti-fraud squad. This brings his total sentence up to 13 years.