City forex fraud: former broker ordered to repay £64m or face 14 more years
A major forex fraud case centred in the City of London has seen former finance director Anthony Constantinou ordered to repay £64 million or face an additional 14 years in prison. The case, heard at Southwark Crown Court, involved an investment scheme that misled hundreds of people into handing over tens of millions with the promise of high, risk-free returns.
Between late 2013 and early 2015, Constantinou’s company offered what it called a “Managed Account” scheme. Investors were promised fixed monthly returns of 5%, an astonishing 60% per year, on allegedly risk-free foreign exchange trades. The minimum investment? £50,000, later raised to £100,000. Over 700 people took the bait, pouring in more than £70 million.
But as Southwark Crown Court heard, none of the money was invested in forex markets. Instead, Constantinou paid early investors with funds from new joiners and funnelled millions into sponsorship deals and luxury goods – some of them embossed with the CWM brand.
“This was a callous scam targeting members of the public,”
— Adrian Foster, Chief Crown Prosecutor for the CPS Proceeds of Crime Division
Constantinou was convicted in his absence, having vanished during the trial, and sentenced to 14 years in June 2023. On 19th June 2025, the court issued a Confiscation Order for £64 million. If he fails to repay the amount in three months, the default sentence is another 14 years.
Authorities estimate his total criminal benefit at £97.9 million. According to prosecutors, some of that went on a Porsche, a custom CWM-branded motorbike, and expensive hospitality arrangements to draw in new investors.
“We continue to pursue the proceeds of crime robustly… to disrupt and deter large scale frauds like this case.”
— Adrian Foster, CPS
The Crown Prosecution Service reports that in the past five years alone, it has recovered over £478 million from criminals through Confiscation Orders, returning £95 million of that directly to victims.
City of London Police, who led the investigation, warned that scams disguised in luxury and legitimacy are still a risk. They’ve urged investors to look beyond the branding and always verify schemes independently, especially when returns sound too good to be true.
EyeOnLondon continues to follow developments in high-profile City cases. If you’re curious about how financial crime is being tackled in the Square Mile, visit the City of London Police financial crime page.
Follow us on:
Subscribe to our YouTube channel for the latest videos and updates!
We value your thoughts! Share your feedback and help us make EyeOnLondon even better!
