16 July, AtoZForex.com, Vilnius – The City of London Police is on fire. After raiding in March the offices of CWM’s (Capital World Markets) and arresting a number of employees for illegitimate activity, they are now investigating another retail broker for alleged fraud.
According to a spokesman, police has been visiting the bankrupt broker’s, FX World Managed Account Ltd (FXWMA), London offices in recent weeks. In response to a Wall Street Journal request for comments, Police spokesperson Eddie Townsend said on Wednesday that they: “are investigating a foreign-exchange company in relation to fraud.” Further adding that they have not made any arrests yet.
07The authorities offered no explanation for the FX World fraud investigation. However, usually when a broker goes into a bankrupt it might lead for clients to be unable to withdraw all their funds, therefore they file complaints against the company.
FX World offered currencies-trading services and investment advice. It was operated under a license granted by the U.K. Financial Conduct Authority, which was suspended on June 29, according to the FCA. Information about the company on its website has been replaced with a note saying: “this company has requested that British Websites terminate this website as the company has gone into liquidation.” Before the site was suspended, it listed Clint Canning as chief executive and Gary Andrews as head of trading.
An interesting story fact is that Gary Andrews was suspended from Rabobank in late 2014 over his role as a dealer in the currency rates manipulation scandal that rippled across the big banks’ institutional FX trading industries.