简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:A British foreign exchange company executive has been found guilty in a London court for his involvement in a £70 million Ponzi-style fraud scheme, wherein he misused investors' funds to fund a lavish lifestyle, leading to his conviction on charges of fraud, fraudulent trading, and money laundering.
In a court in London, a British foreign exchange company executive has been found guilty of participating in a Ponzi-style fraud scheme worth £70 million, in which he misappropriated investors' funds to support a luxurious lifestyle. The Crown Prosecution Services (CPS) revealed that the defendant, Constantinou, was convicted of fraud by false representation, fraudulent trading, and money laundering after he fled during the trial. The case involved Constantinou operating several investment schemes, including Capital World Markets (CWM) and CW Markets, between late 2013 and March 2015.
The prosecutor provided further details on the fraudulent scheme, explaining that Constantinou lured investors into the “Managed Accounts” program, promising them substantial returns on investment of 5% or 60% per annum through risk-free transactions in the foreign exchange (FX) markets. To participate, investors were required to contribute a minimum of £50,000 with the promise of receiving £100,000 in return. The scheme claimed to have access to preferential prices in forex trading, enabling such high returns. However, these claims were proven to be false.
According to the CPS, investigations revealed that CWM did not invest the investors' funds in the forex markets as claimed. Instead, the funds were used to pay returns to earlier investors, while the rest of the money was spent by Constantinou. It was discovered that he had utilized CWM's funds for personal expenses, including purchasing luxury cars, renting a mansion, private flights, lavish parties, and even spending £2.5 million on his wedding in Santorini, Greece. Additionally, Constantinou used a portion of the funds to maintain the reputation of CWM through sponsorship deals, aiming to attract more investments.
Constantinou had complete control over Capital World Markets and its affiliated entities, including their bank accounts. Through these entities, millions of pounds were transferred to him. As part of the investigation, authorities seized high-end vehicles, including a Range Rover and Ferrari, purchased by Constantinou.
The fraudulent activities of CWM came to light in March 2015 when the company was raided by the police, leading to the exposure of the scheme. Detective Inspector Nichola Meghji of the City of London Police described the investigation as lengthy and complex. Meghji characterized Constantinou as a career criminal motivated solely by personal gain, disregarding the well-being of others. Despite the evidence against him, Constantinou attempted to deceive the police and maintained his innocence throughout the investigation.
Due to Constantinou's decision to stop attending his trial, Judge Gregory Perrins announced that he would sentence him in absentia on June 9th, emphasizing the seriousness of his crimes and the impact on the victims.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Discover the top trading pairs to watch this week, including Bitcoin, Euro, USD, and more. Market trends, key resistance levels, and price movements analyzed.
One of the most cunning tactics fraudsters employ is allowing victims to win at first. But why do scammers take this approach, and how does it work?
In recent years, the forex market has become a popular choice for global investors due to its high liquidity and 24-hour trading advantages. However, according to the recently concluded WikiFX "3·15 Forex Rights Protection Day " event, we received over 6,000 pieces of evidence exposing rights violations within a short period. This reflects that, although the forex industry is becoming more regulated, fraudulent platforms continue to emerge, causing significant suffering for many victims.
WikiFX, as a globally leading forex investment ecosystem service platform, has always been committed to providing fair and authoritative broker verification services for forex investors, while offering solid rights protection support for every victim of forex investment. On February 26, 2025, WikiFX once again launched its annual "3·15 Forex Rights Protection Day" event, aiming to empower forex investors to speak out and defend their rights through open, transparent, and robust means.