Five defendants have between them been sentenced to a total of 17.5 years' imprisonment, following a fraud prosecution brought by the U.K. Financial Conduct Authority.

The FCA's statement announcing the sentencing highlights the investigation as one of the FCA's most complex fraud investigations to date and the first FCA prosecution of an offense of perverting the course of justice. Between July 2010 and April 2014, the defendants cold-called members of the public and subjected them to high-pressure sales tactics to persuade them to purchase shares in a company that owned land in Madeira. A number of entirely false claims were made to persuade potential investors to invest. Many of the investors were elderly and vulnerable and suffered life-changing losses.

The FCA proposes to commence confiscation proceedings against the five defendants under the Proceeds of Crime legislation. A sixth defendant will be sentenced on September 14, 2018.

View the FCA press release.