41-year-old Anthony Constantino, former director of a supposed forex investment firm, Capital World Markets (CWM), has been found guilty of £70m investment fraud. The Crown Prosecution Services (CPS) said in a permit.
According to the CPS, a non-ministerial department responsible for prosecuting criminal cases in England and Wales, the English court found Constantino guilty of fraud by false representation, fraudulent trading and money laundering. The prosecutor said he fled during the course of the trial, which began in March.
⚖️ Anthony Constantino, 41, former director of finance company CWM, based in the City of London, was found guilty today of investment fraud of approximately £70m.
– Public Prosecution Service (CPSUK) May 22, 2023
Giving details of the case, the prosecutor explained that Constantino ran Global Capital Markets, CW Markets and other forms of investment scheme through various corporate entities between late 2013 and March 2015. The scheme, which he called “managed accounts,” promised 5 investors % Return on Investment (ROI) or 60% return on investment per annum for investing in “purportedly risk-free transactions in the foreign exchange (FX) markets”.
In particular, the scheme asked investors for a minimum investment of £50,000 to win back £100,000. He also assured investors that it can offer such a high return on investment “because of the special methods of foreign exchange trading that give companies access to preferential rates.” But the public prosecutor said the allegations were false.
He added that the companies did not invest tens of millions of pounds in foreign exchange markets. CPS made it clear that they didn’t make a fortune and paid their investors out of it. “What was done was much more blatant and fraudulent: Investors’ returns were paid directly from the investments, and the rest of the money was spent.”
Career criminal
Furthermore, the public prosecutor said Constantino had spent millions of pounds on preserving the reputation of the global capital markets, including by investing in sponsorship deals. These deals are designed to make the company look successful and also attract more investment.
Constantino also controlled Global Capital Markets and its subsidiaries, including their main bank accounts. As a result, millions of pounds were paid to the ex-principal through these entities. The prosecution seized a high-powered Range Rover and Ferrari that Constantino had bought.
“This has been a long-running and complex investigation,” said Nicola Meggi, Detective Inspector of the City of London Police. “Anthony Constantino is a career criminal seeking to make as much money as possible for himself, without any regard for anyone else.”
Maggi further noted that throughout the police investigation Constantino made efforts to deceive the police and continued to maintain his innocence.
Maghji added, “In another move to deny any involvement in this case, he decided to stop attending his trial.”
while,
finance poles I recently reported that Cornelius Johannes Steinberg, the South African CEO behind a $1.7 billion retail and commodities fraud, was recently ordered by a US federal court to pay a total of $3.4 billion. The amount includes $1.7 billion in compensation payments to defrauded investors of about 30,000 bitcoins and another $1.7 billion in a civil financial penalty.
rename BUX Zero; XTB MENA adds stock trading; Read snippets of today’s news.
41-year-old Anthony Constantino, former director of a supposed forex investment firm, Capital World Markets (CWM), has been found guilty of £70m investment fraud. The Crown Prosecution Services (CPS) said in a permit.
According to the CPS, a non-ministerial department responsible for prosecuting criminal cases in England and Wales, the English court found Constantino guilty of fraud by false representation, fraudulent trading and money laundering. The prosecutor said he fled during the course of the trial, which began in March.
⚖️ Anthony Constantino, 41, former director of finance company CWM, based in the City of London, was found guilty today of investment fraud of approximately £70m.
– Public Prosecution Service (CPSUK) May 22, 2023
Giving details of the case, the prosecutor explained that Constantino ran Global Capital Markets, CW Markets and other forms of investment scheme through various corporate entities between late 2013 and March 2015. The scheme, which he called “managed accounts,” promised 5 investors % Return on Investment (ROI) or 60% return on investment per annum for investing in “purportedly risk-free transactions in the foreign exchange (FX) markets”.
In particular, the scheme asked investors for a minimum investment of £50,000 to win back £100,000. He also assured investors that it can offer such a high return on investment “because of the special methods of foreign exchange trading that give companies access to preferential rates.” But the public prosecutor said the allegations were false.
He added that the companies did not invest tens of millions of pounds in foreign exchange markets. CPS made it clear that they didn’t make a fortune and paid their investors out of it. “What was done was much more blatant and fraudulent: Investors’ returns were paid directly from the investments, and the rest of the money was spent.”
Career criminal
Furthermore, the public prosecutor said Constantino had spent millions of pounds on preserving the reputation of the global capital markets, including by investing in sponsorship deals. These deals are designed to make the company look successful and also attract more investment.
Constantino also controlled Global Capital Markets and its subsidiaries, including their main bank accounts. As a result, millions of pounds were paid to the ex-principal through these entities. The prosecution seized a high-powered Range Rover and Ferrari that Constantino had bought.
“This has been a long-running and complex investigation,” said Nicola Meggi, Detective Inspector of the City of London Police. “Anthony Constantino is a career criminal seeking to make as much money as possible for himself, without any regard for anyone else.”
Maggi further noted that throughout the police investigation Constantino made efforts to deceive the police and continued to maintain his innocence.
Maghji added, “In another move to deny any involvement in this case, he decided to stop attending his trial.”
while,
finance poles I recently reported that Cornelius Johannes Steinberg, the South African CEO behind a $1.7 billion retail and commodities fraud, was recently ordered by a US federal court to pay a total of $3.4 billion. The amount includes $1.7 billion in compensation payments to defrauded investors of about 30,000 bitcoins and another $1.7 billion in a civil financial penalty.
rename BUX Zero; XTB MENA adds stock trading; Read snippets of today’s news.