London Daily

Focus on the big picture.
Saturday, May 31, 2025

On the run fraudster who ran £70m Ponzi-style investment scam is found guilty in his absence

On the run fraudster who ran £70m Ponzi-style investment scam is found guilty in his absence

Anthony Constantinou absconded midway through his trial but was convicted in his absence at Southwark Crown Court. He was last seen in Bulgaria, where he was arrested but later released.
A fraudster who ran a £70m Ponzi-style investment scam has been found guilty.

Anthony Constantinou was convicted of one count of fraud, two counts of fraudulent trading and four counts of money laundering at Southwark Crown Court on Monday.

The 41-year-old did not attend the later stages of his seven-week trial, and an international arrest warrant has been issued to trace him.

Constantinou, of no fixed address, ran Capital World Markets (CWM) which offered investors returns of 60% per year on what he claimed were risk-free foreign exchange (FX) markets.

CWM operated from late 2013 to early 2015, and Constantinou told investors they would receive returns of 5% per month and those who introduced investors to CWM also received a cut.

In the early stages of the scam, investors were told there was an initial minimum investment of £50,000, but this increased to £100,000 in the later stages.

Prosecutors told the court those who signed up were taken in by CMW's high-end City of London offices and high-profile sports sponsorship deals, including one with Premier League club Chelsea.

Despite significant funds from more than 250 known victims, the money was not being invested in foreign exchange and the purported returns were being paid back to the investors from their own and others' invested capital, City of London Police said.

Investors were told similar stories about what would happen to their money and how the scheme worked: only 10% of capital was risked and the remaining 90% was held safely in a "segregated account" in Germany.

Investors were reassured the risk was further reduced, with the 10% being protected by matching funds in CWM and a guarantee from Constantinou himself.

Evidence suggested that despite others having key roles in the scam, Constantinou was the only person who knew what was really going on with the company, City of London Police added.

The investigation into Constantinou and CWM began in 2014.

After an initial investigation, police officers made the decision to stop the scheme before it collapsed to preserve as much money as possible for investors and to stop further people falling victim to the scam.

Officers searched the Heron Tower offices of CWM in the City in March 2015 and arrested Constantinou.

Following the search, an investigation of CWM's finances showed extravagant spending from clients' funds, including £3m spent by Constantinou on lifestyle events, including his wedding and a CWM launch party.

Detective Inspector Nichola Meghji, from City of London Police, said: "Throughout this lengthy investigation, Constantinou has continued to try to deceive officers and deny any wrongdoing. In a further move to deny any involvement in this case, he decided to stop attending his trial.

"We are glad that the jury has seen through his lies and unanimously found him guilty."

The court heard last week that Constantinou was recently arrested in Bulgaria with fake identity documents but was released and remains at large.

He is due to be sentenced in his absence on 9 June.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Trump Accuses China of Violating Trade Agreement
Gerry Adams Wins Libel Case Against BBC
Russia Accuses Serbia of Supplying Arms to Ukraine
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
Chinese Woman Dies After Being Forced to Visit Bank Despite Critical Illness
President Trump Grants Full Pardons to Reality TV Stars Todd and Julie Chrisley
Texas Enacts App Store Accountability Act Mandating Age Verification
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Vatican Calls for Sustainable Tourism in 2025 Message
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Trump Threatens 25% Tariff on iPhones Amid Dispute with Apple CEO
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
Liverpool Car Ramming Incident Leaves Multiple Injured
Australia Faces Immigration Debate Following Labor Party Victory
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
Macron Dismisses Viral Video of Wife's Gesture as Playful Banter
Cleveland Clinic Study Questions Effectiveness of Recent Flu Vaccine
Netanyahu Accuses Starmer of Siding with Hamas
Junior Doctors Threaten Strike Over 4% Pay Offer
Labour MPs Urge Chancellor to Tax Wealthy Over Cutting Welfare
Publication of UK Child Poverty Strategy Delayed Until Autumn
France Detains UK Fishing Vessel Amid Post-Brexit Tensions
Calls Grow to Resume Syrian Asylum Claims in UK
Nigel Farage Pledges to Reinstate Winter Fuel Payments
Boris and Carrie Johnson Welcome Daughter Poppy
×