Just yesterday, we reported that the dire situation of CWM FX had intensified with the London Police urging customers, who have funds invested in CWM managed funds to get in touch with investigators in charge of this case. The latest report is from high profile partners of the broker, Chelsea FC. The Premier league giants seem to be trying to segregate themselves form the negative PR that comes with CWM FX, having removed the broker from its list of sponsors on its web page. As the football giant seeks to avoid negative PR from the broker. Notwithstanding, it is wise undoubtedly wise of the football club to take this measure, as Chelsea avoids contagion.
How much bad publicity can CWM FX take on, in a record time? First, it started with the Heron tower raid On Tuesday, 3rd of March, when City Am reported that the London Police fraud squad had invaded a certain financial institution situated in the Heron Tower at 110 Bishops gate in London. Consequently, a total 13 persons were arrested from the raided firm. At the time of the initial report, the particular firm was unknown to the reporters, but was eventually confirmed to be CWM FX.
After this, Leverate, a major partner of the broker cut all ties with the brokerage, making the website of CWM FX non-functional. Following, a public revelation of its parent company’s involvement in an a massive $16 billion offshore Ponzi scheme, then yesterdays report from the London police urging clients who have invested interest in the company’s managed accounts to come forward and now, its Chelsea FC’s turn to cleanse itself of the broker.
It is reported that the broker is trying to negotiate its way out of the situation by offering to segregate client funds, in addition to those invested so as to ensure investor protection.
As reported some days back, the CWM FX's website has been down and is still not functional as we speak.