FX executive behind Capital World Markets fail to attend his trial in London
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Anthony Constantinou, the head of Capital World Markets Ltd, is facing seven charges, such as fraudulent trading, after accusations from prosecutors that he operated a Ponzi-like scheme. However, Constantinou has failed to show up at his ongoing trial in London.
Capital World Markets executive fails to attend trial
Constantinou was the head of a foreign exchange investment firm based in London. He is currently being charged in a £50 million fraud case where he enticed investors with the possibility of making significant profits.
In a recent court hearing, the judge overseeing the case, Gregory Perrins told the jury that Constantinou had opted to miss the trial. However, the judge said that the executive’s decision to miss the hearing should not be interpreted as guilt, adding that the trial would progress without him.
The defendant has already rejected all the charges brought against him. He had initially attended the first stage of the three-month trial that started in March. He is facing charges for the role he played at CWM FX.
CWM FX is a brokerage platform set up in London’s financial district in 2013. The platform lured investors by promising them exclusivity. The company operated from a luxurious office at the Heron Tower in London. The firm also secured sponsorships for boxing events and a partnership deal with Chelsea Football.
The operations of CWM FX ended in March 2015 after a police raid on the company. 13 suspects were arrested as a result of the raid. This platform had promised investors monthly returns of 5% on their investments.
Constantinou has already served a prison sentence of 12 months after being convicted of sexual assault in 2016. According to the court, the actions Constantinou characterized the behavior of the “Wolf of Wall Street.”
The latest trial started a month ago, but the legal team representing Constantinou has yet to respond officially to the accusations. The prosecution had earlier said Constantinou created a fake appearance of success by transferring funds from investors to fund his lavish lifestyle.
Constantinou’s failed companies
Constantinou started his business in 2005. At the time, he served as the CEO of AC Enterprises Limited. In the subsequent years, he served as the Director of Aixia Limited, and it ended up on the regulator’s warning list. In the last ten years, he served as the director of 24 companies, none of which survived and were dissolved.
In 2016, DMS Bank was sued by 318 individuals that claimed to lose £50 million on investments made with CWM Group. The actions that have been taken by the bankrupt broker point toward a pyramid scheme. The representatives of Constantinou had earlier said that a significant amount of funds invested in the company went towards sponsorship deals and running the office. The representatives argued that the company did not engage in fraud.
