CWM Investment Scam update


5 February, AtoZ Markets, Lagos – Capital World Markets (CWM) has become infamous for its alleged involvement in multiple dubious schemes. The City of London Police has been on the case of this broker for many months now, and the authorities have again clarified concerns about the broker’s involvement in a scam estimated to be worth around $72.9 million (£50 million).

New set of victims

In the CWM investment scam case, the victims seem to be individuals belonging to UK’s Gurkha and Nepalese communities. Last year, during investigation into CWM’s alleged fraudulent activities, the police discovered this scheme, and warned that these individuals were potentially at risk of loss. Promises of returns of about 5% and above were made to these individuals. In a bid to uncover the scheme, the City of London police distributed letters to possible victims to gather more information on managed account operations. So far, the police is concerned about the size of the operation which has been estimated to be about $72.9 million (£50 million). A lot more than initially thought.

Dave Manley, the City of London Police Detective Chief Inspector commented on the ongoing investigation, saying: “The evidence suggests that representatives of CWM targeted hundreds of members of the Gurkha and Nepalese community and then exploited them in order to defraud millions of pounds.”

“The investigation is progressing well and my concern now is that the voices of the majority of victims will not be heard in the judicial process if they do not come forward very soon. They are also missing out on receiving the financial advice and psychological support that is available to them at what will be a very difficult time,” he added.

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Recent CEO sexual assault case

In addition to the CWM investment scam, the firm has a barrage of negative PR trailing it. A few weeks back, the CEO of the firm was accused of sexually assaulting some of his female employees. Anthony Constantinou was charged to court, based on accusations from a host of his female workers. A particular plaintiff described her experience with the CEO as “very Wolf of Wall Street”, the jury was told. The wolf of wall street comparison was used to describe the similitude to the movie where traders were involve in mass illicit activities in the office. She is one of three women Anthony Constantinou is accused of sexually assaulting in the Heron Tower office.

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