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Financial services firm offices raided by fraud squad

A financial services firm based in the City has had its offices raided by the police’s fraud squad and 13 employees arrested, according to reports.

City AM reports that the raid began yesterday morning at the firm’s office in Heron Tower, Bishopsgate and continued into the afternoon.

City of London police confirmed that 13 workers – 10 men and three women – were arrested on suspicion of fraud by false representation, conspiracy to defraud and money laundering.

The operation is being led by the police and supported by the FCA.

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Comments

There are 12 comments at the moment, we would love to hear your opinion too.

  1. i hope this is the muppets that cold called myself trying to sell corporate bonds with a 10% coupon from an unlisted company, who i reported to the FCA

  2. Only 10%….I have been offered one which is paying over 15% per annum for 5 years with 95% capital protection….

  3. Jabba send me the details that sounds too good to be true !!!!

    unfortunately too many people allow greed to over take common sense and believe all this Cr@@
    and are being taken in

  4. There was an outfit in Heron Tower selling some sort of UCIS based on post dated cheques for Brazilian HP payments – could be them…

  5. Anthony Badaloo 4th March 2015 at 11:47 am

    Fraud by false representation! Fantastic to see the FCA taking action here. Consumer protection is of Paramount importance. Surely, it is time for some bankers to be brought to justice, with the same verve and vigour.
    Bank Abuse is probably the single biggest evil ?? in the society today. And appear to stand decriminalised. I trust it has nothing to do with donations to politicians and regulators.

    Anthony Badaloo is Principle at Church Hill Finance http://www.church-hill.net

  6. Surely it would be entirely appropriate to name the firm?

    Individuals have to endure trial by media after they are arrested surely the same should apply to firms, or at least a public warning be given that an investigation is underway.

  7. It was CWMFX. It was a Ponzi scheme they were nicked for. Offering an investment where a guaranteed 5% is paid monthly on your investment, then your money back at the end of the duration. Was going to invest myself but figured it was a complete con. Seems I was right. Something didn’t add up when I went there for a meeting. Oh dear.

  8. Julian Stevens 5th March 2015 at 9:29 am

    Support from the FCA suggests that the firm is/was authorised and regulated by it [the FCA]. Therefore, might we not reasonably expect one of the FCA’s S.W.A.T. teams to have been first through the door? Then again, if all the entries on the firm’s GABRIEL returns balanced properly……

  9. The company name is CWM FX and they are NOT regulated by the FCA, hence the raid by the police (supported by the FCA and the fraud office).

    They claim to operate as a trading platform/custodian (unregulated), but what CWM are doing is generating their revenue by not providing a trading platform, IT IS BY OFFERING THE “ULTIMATE INVESTMENT”.

    WHICH isn’t marketed or advertised on their slick website.

    The platform seems like smoke screen for their Ponzi scheme.

    “Off the record” CWM FX were offering clients this:

    1) an “invitation” only investment.
    2) guaranteed returns of 5 percent per month.
    3) 2 percent per month to introducers.

    How do they “do” this?

    They have 2 expert traders from large institutions working for them taking arbitrage situations.

    It can’t go wrong!

    If it does? Well, they’ve got a wealthy owner who underwrites all losses!!!!

    And people were actually still investing in this despite knowing this, and despite there being no paperwork!!!!!!!

    So I would hazard a guess that all money that comes through the doors goes straight into marketing, and eventually when they receive X amount, and they’re happy with what they have “achieved” they will be off. But FCA and fraud squad beat them to it.

    OR may be they are a team of super traders making 7 percent per month, 84% a year, year in year out (and this is without taking further percentages to cover their operational costs) beating all the top hedge funds managers and traders in the world.

    May be……

  10. The whole industry is riddled by criminals.

    I know because I have been conned out of tens of thousands and the financial services firm involved is still in business and enticing more pensioners to part with their cash.

  11. Karen – sorry but not surprised to hear of your troubles – hopefully you’re UK based and can do something to help your situation?

    Hundreds of expats here in Thailand have been conned – the LM fiasco, ponzi schemes, underperforming, unsuitable, mis-slod ILASs, etc, etc – all punted by illegal, unregistered, commission-hungry expat crooks,. many of whom have done a runner back to the UK and are now rubbing their hands n glee at the upcoming changes in pension laws.

    Unfortunately, the FCA and the rest of the UK authorities don’ t give a damn and will do nothing to help us gain redress as we are n longer UK residents. Even although the false FAs are now back in the UK searching for new victims.

  12. @Karen White – have you not actually complained to the firm you are unhappy with or to FOS?

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