London Daily

Focus on the big picture.
Tuesday, Nov 03, 2026

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
House of Lords Advances Representation of the People Bill to Modernize Electoral Law Ahead of General Election
Financial Markets and Private Equity Assess Tax and Corporate Realignment Following Recent Chancellor Budget Adjustments
Justice Committee Warns Legal Aid Is a Service in Managed Decline Due to Inadequate Government Funding Responses
Royal Navy Intercepts Russian Intelligence Vessel and Warships Across Intensive North Sea Operations
Business and Trade Committee Slams Government Policy on China as Fragmented and Lacking Strategic Direction
Home Secretary Shabana Mahmood Softens Immigration Plans Following Intensive Cabinet Backlash Over Settlement Timelines
Automotive Industry Data Reveals Continued Acceleration in Battery Electric Vehicle Registrations Across British Dealerships
High Court of England and Wales Rules on Landmark Legal Challenge Regarding Local Government Housing Mandates
Department for Energy Security and Net Zero Approves Expanded Offshore Wind Infrastructure Along Scottish Coastline
Competition and Markets Authority Launches Broad Investigation Into Artificial Intelligence Infrastructure and Cloud Partnerships
United Kingdom and European Union Launch High-Level Preparations for Bilateral Defense and Security Summit in Brussels
National Health Service England Unveils Emergency Workforce Reforms to Alleviate Winter Accident and Emergency Pressures
Chancellor Rachel Reeves Finalizes Autumn Budget Adjustments to Meet Fiscal Rules and Fund Public Services
Bank of England Prepares for Interest Rate Decision Amid Rising Bond Yields and Inflationary Pressures
House of Lords Begins Detailed Legislative Scrutiny of Representation of the People Bill and Cyber Security Laws
Metropolitan Police Detain More Than Three Hundred Individuals Following Large-Scale Demonstration Outside London Embassy
Home Office Prepares Stricter Residency Rules Requiring Vulnerable Migrants to Wait Decade for Settlement Rights
Professional Mental Health Bodies Demand Statutory Regulation for Counsellors and Psychotherapists
National Grid Confirms Construction of Britain's Largest Electrical Substation to Power Teesside Data Centre
Prime Minister Keir Starmer Travels to Samoa for Commonwealth Summit Amid Debates on Economic Cooperation and Reparations
Home Office Implements Enhanced Digital Border Controls and Visa Processing Systems at Major Airports
Office for National Statistics Reports Stable Employment Participation Rates Across Regional Labor Markets
Department for Business and Trade Announces Strategic Partnership to Secure Critical Mineral Supply Chains
Scottish Government Unveils Regional Economic Development Strategy to Boost Advanced Manufacturing in Glasgow and Dundee
Treasury Officials Review Taxation Frameworks and Capital Gains Rules Ahead of Autumn Budget Disclosures
National Health Service Leaders Warn of Winter Capacity Pressures Across Acute Care Facilities
Bank of England Prepares for Key Interest Rate Decision Amid Sticky Inflation and Fiscal Policy Pressures
Home Office Expands Border Security Operations and Intelligence Sharing With European Partners
Office for National Statistics Reports Modest Retail Sales Growth Ahead of Crucial Christmas Trading Season
Welsh Government Unveils Strategic Plan to Boost Regional Technology Innovation and Digital Skills Training
Department for Environment Food and Rural Affairs Implements New Agricultural Subsidies Framework for English Farmers
Scottish First Minister John Swinney Announces Major Regional Infrastructure and Green Energy Investment Strategy
National Health Service Leaders Warn of Severe Winter Pressures and Mounting Accident and Emergency Backlogs
Bank of England Monetary Policy Committee Signals Cautious Interest Rate Path Amid Persistent Services Inflation
Chancellor of the Exchequer Rachel Reeves Finalizes Autumn Budget Framework Aiming to Close Public Sector Fiscal Gap
Department for Science, Innovation and Technology Prepares Enhanced Artificial Intelligence Safety and Cyber Defense Frameworks
United Kingdom Government Expands International Sanctions Framework Against Russian Shadow Fleet and Financial Enablers
Institute of Directors Reports Sharp Post-Budget Drop in Business Confidence Despite Long-Term Investment Intention Shifts
Chancellor John Healey Defends Sweeping Fiscal Adjustments and Household Support Packages Following Autumn Budget
Parliamentary Petitions Committee Schedules Major Legislative Debates on Special Educational Needs and Non-Stun Meat Labelling
Regional Devolution and Good Growth Fund Frameworks Reshape Local Government Funding Across English Regions
Loughborough University Economic Analysts Highlight Substantial Uncertainty Surrounding Public Sector Efficiency Savings
British Legal Sector Drives Sixty Billion Pounds in Annual Economic Output While Employing Over Half a Million Professionals
Law Society Welcomes New Better Regulation Executive While Pressing for Long-Term Legal Aid Funding Reform
Metropolitan Police and Security Services Heighten Operations Across London Ahead of Large-Scale Public Demonstrations
Bank of England Economists Scrutinize Corporate Tax Adjustments and Public Sector Borrowing Pressures
Chancellor John Healey Defends Autumn Budget Tax and Spending Allocations Following Intense Parliamentary Scrutiny
Department for Environment, Food and Rural Affairs Implements Strict Water Quality Monitoring Rules Following Severe Rainfall and Flooding
Welsh Government Unveils Comprehensive Regional Housing Strategy to Address Rural Affordability and Homelessness Pressures in Cardiff
Office for National Statistics Reports Slowing Consumer Price Inflation and Steady Retail Performance Across United Kingdom Markets
×