A British court has sentenced Anthony Constantino, 41, a former director of Capital Markets Global (CWM), to 14 years in prison. Constantino was convicted by Southwark Crown Court last month of defrauding investors of £70m through a bogus forex investment firm.
According to the Crown Prosecution Service (CPS), a government department responsible for prosecuting criminal cases in England and Wales, Constantino was jailed on Friday after the sentencing. The former CWM boss fled during his trial, which began in March.
However, last month he was convicted, absentee, of fraud by false representation, fraudulent trading and
Money laundering
Money laundering
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that the proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that the proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Read this term. Constantino, who ran 24 different now-comatose businesses over a 10-year period, had previously served a one-year prison sentence in 2015 for sexual assault.
CWM was launched in October 2013 and operates under various similar brand names including CW Markets. The company ran an investment scheme called “Managed Accounts,” which is supposed to provide investors with access to “risk-free transactions in the foreign exchange (forex) markets.”
The scheme promised investors a 5% return on their investment or 60% return on investment annually. In particular, the scheme asked investors for a minimum investment of £50,000 to generate £100,000, emphasizing that it had “special methods of forex trading” that gave it access to “preferential rates”.
But the public prosecutor said the allegations were false a permitindicating that CWM was played in the Ponzi scheme
Ponzi scheme
A Ponzi scheme is a scam that aims to attract investors and eventually pay dividends to the initial investors with money from more later investors, this type of scam tricks victims into believing that products are produced instead from product sales or other means. In fact, most investors are completely oblivious to the actual origin of the funds received. A central feature of a Ponzi scheme is the necessity of its ongoing nature, which depends on a constant influx of new contributions and
A Ponzi scheme is a scam that aims to attract investors and eventually pay dividends to the initial investors with money from more later investors, this type of scam tricks victims into believing that products are produced instead from product sales or other means. In fact, most investors are completely oblivious to the actual origin of the funds received. A central feature of a Ponzi scheme is the necessity of its ongoing nature, which depends on a constant influx of new contributions and
Read this termLike fashion by paying investors out of other people’s investments and getting rid of the rest.
“This was a ruthless scam targeting members of the public,” said Emma Paisley, a prosecutor specializing in the Serious Organized Economic Crime Department and CPS’s International Directorate. “Many people lost their hard earned money due to Constantino’s greed and false promises in this bogus investment scheme.”
In 2015, CWM clients initiated a class-action lawsuit against DMS Bank & Trust Limited in the Cayman Islands, alleging they were defrauded of nearly £50m through a managed fund run by a fake forex investment firm.
CWM targeted minority communities
According to details published by CPS, CWM, which operates a luxury office in London’s Heron Tower, has splashed millions of pounds on sponsorship deals, including in the sports industry, to make CWM appear successful and continue to attract investment. In 2015, she signed a promotional deal with the famous English football club, Chelsea. However, the club removed the company from its list of sponsors after allegations of fraud against the company surfaced.
Troubles began for CWM in March 2015 after it was revealed that it had been the target of a City of London Police raid on Heron’s Tower in Bishopsgate. During the raid, 13 people who worked for the company were arrested on suspicion of fraud through false representation, conspiracy to defraud and money laundering.
Although CWM denied the allegations, police later found that the company had defrauded hundreds of members of the Gurkha communities in the UK and Nepali out of about £50 million ($72.9 million) at the time. CWM Group, the company’s parent company, has also been linked to a $16 billion Ponzi scheme.
In 2014, Leverate partnered with CWM to provide its services to the company. However, the forex trading technology provider cut all ties with the company a few months later. The breakup occurred around the period of the Heron Tower raid.
A British court has sentenced Anthony Constantino, 41, a former director of Capital Markets Global (CWM), to 14 years in prison. Constantino was convicted by Southwark Crown Court last month of defrauding investors of £70m through a bogus forex investment firm.
According to the Crown Prosecution Service (CPS), a government department responsible for prosecuting criminal cases in England and Wales, Constantino was jailed on Friday after the sentencing. The former CWM boss fled during his trial, which began in March.
However, last month he was convicted, absentee, of fraud by false representation, fraudulent trading and
Money laundering
Money laundering
Money laundering is an umbrella term to describe the process by which criminals conceal the original ownership and proceeds of criminal behavior by making it appear that the proceeds are derived from a legitimate source. financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Money laundering is an umbrella term to describe the process by which criminals disguise original ownership and the proceeds of criminal behavior by making it appear that such proceeds derive from a legitimate source. Money laundering is an issue that runs through a myriad of industries and sectors, which includes: The financial services space. Although criminal money can be successfully laundered without the help of the financial sector, billions of dollars in money from crime is laundered.
Read this term. Constantino, who ran 24 different now-comatose businesses over a 10-year period, had previously served a one-year prison sentence in 2015 for sexual assault.
CWM was launched in October 2013 and operates under various similar brand names including CW Markets. The company ran an investment scheme called “Managed Accounts,” which is supposed to provide investors with access to “risk-free transactions in the foreign exchange (forex) markets.”
The scheme promised investors a 5% return on their investment or 60% return on investment annually. In particular, the scheme asked investors for a minimum investment of £50,000 to generate £100,000, emphasizing that it had “special methods of forex trading” that gave it access to “preferential rates”.
But the public prosecutor said the allegations were false a permitindicating that CWM was played in the Ponzi scheme
Ponzi scheme
A Ponzi scheme is a scam designed to attract investors and eventually pay profits to the initial investors with money from more later investors, this type of scam tricks victims into believing that products are instead created from product sales or other means. In fact, most investors are completely oblivious to the actual origin of the funds received. A central feature of a Ponzi scheme is the necessity of its ongoing nature, which depends on a constant influx of new contributions and
A Ponzi scheme is a scam that aims to attract investors and eventually pay dividends to the initial investors with money from more later investors, this type of scam tricks victims into believing that products are produced instead from product sales or other means. In fact, most investors are completely oblivious to the actual origin of the funds received. A central feature of a Ponzi scheme is the necessity of its ongoing nature, which depends on a constant influx of new contributions and
Read this termLike fashion by paying investors out of other people’s investments and getting rid of the rest.
“This was a ruthless scam targeting members of the public,” said Emma Paisley, a prosecutor specializing in the Serious Organized Economic Crime Department and CPS’s International Directorate. “Many people lost their hard earned money due to Constantino’s greed and false promises in this bogus investment scheme.”
In 2015, CWM clients initiated a class-action lawsuit against DMS Bank & Trust Limited in the Cayman Islands, alleging they were defrauded of nearly £50m through a managed fund run by a fake forex investment firm.
CWM targeted minority communities
According to details published by CPS, CWM, which operates a luxury office in London’s Heron Tower, has splashed millions of pounds on sponsorship deals, including in the sports industry, to make CWM appear successful and continue to attract investment. In 2015, she signed a promotional deal with the famous English football club, Chelsea. However, the club removed the company from its list of sponsors after allegations of fraud against the company surfaced.
Troubles began for CWM in March 2015 after it was revealed that it had been the target of a City of London Police raid on Heron’s Tower in Bishopsgate. During the raid, 13 people who worked for the company were arrested on suspicion of fraud through false representation, conspiracy to defraud and money laundering.
Although CWM denied the allegations, police later found that the company had defrauded hundreds of members of the Gurkha communities in the UK and Nepali out of about £50 million ($72.9 million) at the time. CWM Group, the company’s parent company, has also been linked to a $16 billion Ponzi scheme.
In 2014, Leverate partnered with CWM to provide its services to the company. However, the forex trading technology provider cut all ties with the company a few months later. The breakup occurred around the period of the Heron Tower raid.
