CWM Clients Launch Class Action against Off Shore Bank over £50m Fund Fraud
by
Andy Traveller
Affected investors in CMW's managed fund are seeking legal recourse over alleged fraud, filing a class action in a bid to recover money.
Investors who were left out of pocket to the collective tune of almost £50 million due to an alleged fund fraud have launched a class action in a bid to recover their money.
The alleged fraud relates to a managed fund, which was operated by CWM (Capital World Market). Investors deposited up to £50 million in the fund directly into a bank account in the Cayman Islands with DMS Bank & Trust Limited (DMS).
The monies were supposedly meant to be traded on the foreign exchange market, with the promise of generous returns. Indeed, the fund offered unsuspecting investors a 5% guaranteed return together with the ability to withdraw funds on 30 days’ notice.
However, after an investigation by the law firm Field Fisher Waterhouse LLP, it appears that no funds were actually traded on the market. Rather, investors were allegedly cajoled with returns that were paid out via an intermediary account.
The remaining balance was usurped and used for sponsorships within the CWM network of businesses, including the right to become Chelsea Football Club’s ‘online Forex trading partner’ at the start of the year. Investigators also allege other spending on private jets and general lifestyle expenditure.
Back in March, the City of London Police raided the offices of CWM at the Heron Tower and arrested ten men and three women, who at the time worked at the foreign exchange brokerage arm of CWM. Foreign exchange dealing at the firm was also suspended in March.
The banks that held the CWM Limited accounts are liable for the losses incurred by investors as they were not authorised accounts.
With £49 million having left CWM’s account at DMS, approximately £1.2 million remains frozen in the account. The account should remain frozen throughout the forthcoming criminal investigation, which is expected to take up to two years to conclude.
Legal action is being taken against DMS, spearheaded by tax advisor, Tim Richardson, himself a victim of the alleged fraud.
A statement by the law firm opines, “The banks that held the CWM Limited accounts are liable for the losses incurred by investors as they were not authorised accounts.
DMS B&T has taken legal action against the Cayman branch Managing director for opening and maintaining account against the banks own Board's wishes.”
Investors who were left out of pocket to the collective tune of almost £50 million due to an alleged fund fraud have launched a class action in a bid to recover their money.
The alleged fraud relates to a managed fund, which was operated by CWM (Capital World Market). Investors deposited up to £50 million in the fund directly into a bank account in the Cayman Islands with DMS Bank & Trust Limited (DMS).
The monies were supposedly meant to be traded on the foreign exchange market, with the promise of generous returns. Indeed, the fund offered unsuspecting investors a 5% guaranteed return together with the ability to withdraw funds on 30 days’ notice.
However, after an investigation by the law firm Field Fisher Waterhouse LLP, it appears that no funds were actually traded on the market. Rather, investors were allegedly cajoled with returns that were paid out via an intermediary account.
The remaining balance was usurped and used for sponsorships within the CWM network of businesses, including the right to become Chelsea Football Club’s ‘online Forex trading partner’ at the start of the year. Investigators also allege other spending on private jets and general lifestyle expenditure.
Back in March, the City of London Police raided the offices of CWM at the Heron Tower and arrested ten men and three women, who at the time worked at the foreign exchange brokerage arm of CWM. Foreign exchange dealing at the firm was also suspended in March.
The banks that held the CWM Limited accounts are liable for the losses incurred by investors as they were not authorised accounts.
With £49 million having left CWM’s account at DMS, approximately £1.2 million remains frozen in the account. The account should remain frozen throughout the forthcoming criminal investigation, which is expected to take up to two years to conclude.
Legal action is being taken against DMS, spearheaded by tax advisor, Tim Richardson, himself a victim of the alleged fraud.
A statement by the law firm opines, “The banks that held the CWM Limited accounts are liable for the losses incurred by investors as they were not authorised accounts.
DMS B&T has taken legal action against the Cayman branch Managing director for opening and maintaining account against the banks own Board's wishes.”
Interactive Brokers Expands Offerings with Daily Options on French Stocks
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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