On the run fraudster who ran £70m Ponzi-style funding rip-off is discovered responsible in his absence

A fraudster who ran a £70m Ponzi-style funding rip-off has been found accountable.

Anthony Constantinou was convicted of 1 rely of fraud, two counts of fraudulent shopping for and promoting and 4 counts of money laundering at Southwark Crown Court docket on Monday.

The 41-year-old didn’t attend the later phases of his seven-week trial, and a world arrest warrant has been issued to trace him.

Constantinou, of no fixed deal with, ran Capital World Markets (CWM) which equipped consumers returns of 60% per yr on what he claimed have been risk-free abroad commerce (FX) markets.

CWM operated from late 2013 to early 2015, and Constantinou suggested consumers they may get hold of returns of 5% per 30 days and individuals who launched consumers to CWM moreover obtained a decrease.

Within the early phases of the rip-off, consumers have been suggested there was an preliminary minimal funding of £50,000, nonetheless this elevated to £100,000 inside the later phases.

Prosecutors suggested the courtroom people who signed up have been taken in by CMW’s high-end Metropolis of London workplaces and high-profile sports activities actions sponsorship affords, along with one with Premier League membership Chelsea.

Regardless of very important funds from better than 250 recognized victims, the money was not being invested in abroad commerce and the purported returns have been being paid once more to the consumers from their very personal and others’ invested capital, Metropolis of London Police said.

Traders have been suggested comparable tales about what would happen to their money and the best way the scheme labored: solely 10% of capital was risked and the remaining 90% was held safely in a “segregated account” in Germany.

Traders have been reassured the hazard was further decreased, with the ten% being protected by matching funds in CWM and a guarantee from Constantinou himself.

Proof instructed that no matter others having key roles inside the rip-off, Constantinou was the one one which knew what was really occurring with the company, Metropolis of London Police added.

The investigation into Constantinou and CWM began in 2014.

After an preliminary investigation, legislation enforcement officers made the selection to stop the scheme sooner than it collapsed to guard as quite a bit money as attainable for consumers and to stop further of us falling sufferer to the rip-off.

Officers searched the Heron Tower workplaces of CWM inside the Metropolis in March 2015 and arrested Constantinou.

Following the search, an investigation of CWM’s funds confirmed extravagant spending from consumers’ funds, along with £3m spent by Constantinou on lifestyle events, collectively together with his marriage ceremony ceremony and a CWM launch get collectively.

Detective Inspector Nichola Meghji, from Metropolis of London Police, said: “All through this prolonged investigation, Constantinou has continued to attempt to deceive officers and deny any wrongdoing. In an additional transfer to disclaim any involvement on this case, he determined to cease attending his trial.

“We’re glad that the jury has seen by the use of his lies and unanimously found him accountable.”

The courtroom heard last week that Constantinou was recently arrested in Bulgaria with fake id paperwork nonetheless was launched and stays at huge.

He’s due to be sentenced in his absence on 9 June.