The group appeared at Southwark Crown Court on Thursday charged with fraud related to the promotion of investments in a purported commercial development in Madeira, which led to 175 investors losing about £2.75m.

The shares were sold in Atlantic Equity LLC between July 2013 and March 2014  through a succession of four alleged ‘boiler room’ companies called  First Capital Wealth Limited, Bishops of Mayfair Limited, Wallberg Dillion Reid Limited and Sterling Capital Corporation Limited, all of which traded from the Docklands in London.

Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker and Jeannine Lewis, all of whom live in London and the South East were charged with conspiracy to defraud, along with offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006.

Two of the five were also charged with perverting the course of justice and one has been charged with money laundering offences.

Following the hearing a trial has been set for 4 September 2017.

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