Breaking: Chelsea FC Partners CWM Were Target of Police Heron Tower Raid
The City police is urging anyone who has invested in CWM’s managed funds offering 5% interest per month to get
After recent claims that CWMFX’s parent group is linked to a massive Ponzi scheme, a new development today seems to confirm the allegations that the arrests at Heron Tower were indeed connected to the firm.
Join the iFX EXPO Asia and discover your gateway to the Asian Markets
City of London Police are now urging anyone who has invested in CWM’s (Capital World Markets) managed funds offering 5% interest per month to get in contact with investigators.
The police reports that on March 3rd 2015 ten men and three women, all of whom work for the “City-based foreign exchange trading company,” were arrested at the Heron Tower in Bishopsgate on suspicion of fraud by false representation, conspiracy to defraud and money laundering.
Detectives, supported by the Financial Conduct Authority, also seized a host of computers and documentary evidence. The thirteen suspects were questioned and then released on bail until September, the London City Police confirms.
Previously, the broker’s lawyer, Charlotte Harris of Kingsley Napley LLP, commented to Forex Magnates: “We can confirm our client’s offices were not raided by the police yesterday, and that there is no investigation into CWM FX.”
Update: a spokesperson for the company has officially responded to the City of London Police investigation news by issuing a statement to Forex Magnates.
Suggested articles
Understanding the Gaps in Forex TradingGo to article >>
Forex Magnates contacted Chelsea with the new revelations but the club declined to comment.
Detective Superintendent Maria Woodall, who is overseeing the investigation for the City of London Police, said today:
“The primary objective of the arrest phase of this investigation was to stop what we believe was ongoing criminality and prevent people putting their money into CWM’s managed funds offering 5% interest per month.
Now we need anyone who thinks they have invested in this specific enterprise to get in contact and help us clarify exactly how this company has been using the funds given to them in good faith by citizens living in both the UK and abroad.”
The City of London Police are the National Policing Lead for Fraud, taking on many of the UK’s most complex, sensitive and high-profile economic crime investigations. It is also a key component of the Government’s national and international response to fraud, hosting Action Fraud, the National Fraud Intelligence Bureau and specialist police units focusing on the disruption and prevention of major crime types such as insurance fraud and intellectual property crime.
The investigation team can be reached at 020 7601 6830. Alternatively investors can report to Action Fraud at 0300 123 2040 or at www.actionfraud.police.uk
nice follow up
it may come tacky but i suggest you put a scam alerts page up so scammers can be reported in a way you find prudent.
you’re widely read by people in the industry, probably of good value to prevent these events earlier on. these things hurt the whole industry.
‘CWM’s managed funds offering 5% interest per month.’ – that’s the classic description of scam/ponzi scheme, plain and simple.
Whilst this is truly disgusting in my view, I do think the FX industry needs to start whistle blowing on those who are out to scam. The endless stream of drivel that comes out of the mouths of these idiots in this industry is undeniably extreme, and we must protect ourselves as industry professionals. #notinmyname seriously,,we all know who is cheating clients,,,5% a month guaranteed come on! ironfx not allowing people to withdraw…..come on! market makers claiming to be STP…come on! all these boiler rooms and bucket shops need to be called out, and exposed. Remember easy forex being exposed?… Read more »
Mind boggling that there are still people that will still fork over cash to obvious scams such as this. Even moreso that UK regulators would not have shut it down sooner.
CWM offered me 5% return per month on £100k investment and spent considerable time explaining me how their product worked. Offer was too good but I decided not to take it any further because 60% per annum was too good to believe.
NS – I am curious as to how they even found you as a prospect (or you found them) in the first place.
Seems like any published claim of 60% return would also be visible to regulators if they were paying attention.
Any estimations on how much they did collect using the 5% monthly promise?
Typical FCA – this firm was flagged up by some people 18 months ago, but as usual the FCA sat back and did nothing, reactive rather than proactive, hence the public get screwed……the FCA should be ashamed of themselves.
I think you are all going to look dumb as f#%k when this company is going to be clear of all charges . Trust me wait and see. The future will tell us
This company is trustworthy …
Stop accusing people of being crooks before judgment.
Priceless !!!
@ cliff, you are obviously a prick
Psst, Cliff. Big opportunity for you here. What could go wrong?
http://www.nairaland.com/1145576/15-monthly-returns-investment-guaranteed
Cliff is right. Mark my words too… All these people including yourself will eat your words when CWM are cleared. They are a legitimate company with so much behind them. It’s narrow minded people that cause these investigations to happen. CWM is here to stay, trust me!
Peter Morris, I’d leave CWM off your next CV pal.