CWM FX - I Told You So !

Keeping my posts factual.....

Incidentally, here is a new webpage article regarding Belvedere which links CWMFX to Belvedere and outlines massive financial fraud. I don't think we are actually be able to start to use the 'P' word ( the one ending in 'i') regarding CWM FX. I think to be absolutely 100 % squeaky-clean sure we should perhaps wait until it gets reported on BBC and the Guardian ?

At the moment the facts are pretty compelling.

http://www.andrew-drummond.com/2015/03/thai-links-to-one-of-biggest-criminal.html
 
Watfordwig said:
Thank you Delta. You are a very knowledgeable guy and have been very helpful to me..as have all of you guys on here.
I genuinely appreciate it.

Steve.
Click to expand...

Disclaimer: The following is purely my opinion and needs further research.

If an IFA signed off on the investment then the Financial Obudsman Scheme probably applies. I think they can award compensation of 150 k (increased from 100 k a couple of years ago). The money for the scheme comes from a levy imposed on IFAs. It all depends on the details of how the money was invested/paperwork and so on and if an IFA was involved.
 
I hope we hear something in the news soon...it's very quiet still..CWM and their Twitter feed etc is posting the usual stuff but no hint of what is actually really going on..

I can't believe how close certain people were to investing in this! :eek:
 
Go look at CWM Wikipedia page and look at the "External Links" on that page.... somebody has put a link to this discussion on there.

They really need to get this situation sorted soon as I'd imagine their corporate image is taking a proper pounding in its nether regions. .
 
Lightning McQueen said:
WORLD-WIDE FINANCIAL SCANDAL EXPOSED ON OFFSHORE ALERT
Click to expand...

All very interesting.

Sticking to some facts, again, so as not cause any issues for the forum:

Mr Anthony Gregory Constantinou was the sole director of Aixia Limited (having replaced the previous directors who were his very successful uncle and I would imagine cousin) when this was issued:
http://www.fca.org.uk/news/warnings/aixia-limited-t4x-binary-t4x-signals
(Binary options cropping up again and I'm sure that's where he met the deck hand, Droste)

The Wikipedia entry also states: "financial manager at Belvedere Management Limited (October 2003 to August 2005)."

I guess because he used to work for them that's why their products are part of the CWM offering.
Or could it be Belvedere are bankrolling CWM? Is that just a little too conspiracy theory?
 
Keeping things very factual. A previous poster identified Belvedere as being a company which was perpetuating a fraud. He/she quoted an website outlining this. Belvedere is part of the CWM 'Group' according to the CWM website.

I am posting up a response by the Mauritius financial regulator (Belvedere is regulated offshore in Mauritius). Available from :

1) http://www.offshorealert.com/GetDocument.aspx?id=52022
2) http://www.fscmauritius.org/media/210561/public-notice-lancelot-global-pcc.pdf
3) http://www.fscmauritius.org/media/210557/public-notice-four-elements-pcc.pdf


COMMUNIQUÉ

Lancelot Global PCC, The Four Elements PCC and Belvedere Management Limited
The Financial Services Commission, Mauritius (the ‘FSC Mauritius’) refers to the Press Article
entitled “EXPOSED: Belvedere Management's massive criminal enterprise” dated 17 March
2015, which was published by “ Offshore Alert”.

The FSC Mauritius wishes to apprise the members of the public/investors that Lancelot Global PCC
and The Four Elements PCC (the ‘Companies’) are under the administration of Belvedere
Management Limited. The Companies are already subject to enforcement actions by the FSC
Mauritius. The FSC Mauritius gave directions and prohibited the Companies from accepting new
business/investor. You may refer to the two Public Notices with regards to
Lancelot Global PCC and Four Elements PCC respectively issued by the FSC Mauritius on 20 October 2014.

In accordance with its functions to protect consumers of financial services, an inspection was conducted in 2015 and the FSC Mauritius shall issue a Notice in due course to keep members of the public/investors informed.

The public/investors may contact the FSC Mauritius for any clarification regarding the above entities.

Financial Services Commission,Mauritius

18 March 2015

FSC House, 54 Cybercity, Ebene, Republic of Mauritius, 72201
Tel: (230) 403 7000 Fax: (230) 467 7172
E-mail: [email protected], Website: www.fscmauritius.org
 
No idea yet.

It begs the simple question of how can you run a FX trading floor without trading software that you are not licensed to use?
 
Mel656 said:
No idea yet.

It begs the simple question of how can you run a FX trading floor without trading software that you are not licensed to use?
Click to expand...

(Disclaimer: this is my opinion and further research is required).

The answer is, in my opinion, you can't.

Leverate, I think, were providing them with Mifid licensing (a EU directive which allows passporting the Cyprus license into the UK and other countries in Europe) not just IT. It is another example of a lack of internal compliance with regard to FCA regulations. They really should take down the whole website or put a legal notice on it or something. You can't advertise yourself as providing financial services in the slightest in the UK without a license, the penalties are really very stiff (I have worked in Australia, the US and Africa where the regulators are far less strict. The FCA in the UK is really really strict, you just can't peev them off).

Anyway, as always happens, there will be innocent people who will be negatively affected. I am sure that the majority of the staff at CWM FX were good people (many were probably naive, being lied to or were desperate for work experience in finance). Probably they were unaware of what was going on or the whole picture. Even, perhaps, some of the senior managers might not have known what the implications were of their activities.

Also, I hope that investors will be further protected.

As always ..keeping things factual .
 
Last edited:
Lightning McQueen said:
also leverate mentions removed from the cwm fx website.

so who are they regulated through now?
Click to expand...

Mel656 said:
No idea yet.

It begs the simple question of how can you run a FX trading floor without trading software that you are not licensed to use?
Click to expand...

although leverate mentions have clearly been removed, mentions of them are still found in the their regulations and legals section. the webpages are still live and out there, but how you now access them from the current cwm fx webpage I'm unsure. I suspect the direct links were removed? but that's checkable.

the sirix platform is still downloadable direct from leverate.com via the cwm link. so still associated? it looks that way and possibly therefore could still be regulated, total removal of leverate and regulatory information notwithstanding.
 
According to the FSMA 2000 (Financial Services and Markets Act) it is illegal to advertise or put yourself out as providing financial services or advice without being regulated. The penalties can include prison sentences and, yes, people do go to prison. As I mentioned earlier, the UK regulator is really strict. Believe me, I am not trying to be alarmist and certainly have no great love for the regulatory authorities (although they do a good job protecting the public). If anything this post is a warning to CWM of the fire they are playing with. After the financial crisis, the whole political environment has changed.The FCA loves to make examples of the smaller or mid-sized firms and individuals and they are not to be trifled with. Even the big banks have received 100s mil GBP in fines. Fines and disciplinary actions have gone up dramatically and paperwork and compliance costs for regulated firms have gone up through the roof.

Also, according to both UK (and probably Cyprus, although this has to be researched) regulations you have to clearly state on marketing materials who you are regulated by and the appropriate regulation number as well as details of your company registration and so on. CWM FX isn't doing that. This is what I meant in a previous post when I wrote that CWM FX has inadequate internal compliance and a poor management team (any half-decent compliance manager would have informed them of this).

Now, if they have lost the Leverate licensing and are unlicensed then they should shut the website down and stop taking in any new business. At very least they should amend/update it so that clients are aware of changing circumstances. They can't legally provide financial services in the UK without a license.
 
cwmfx website is now reduced to a landing page with customer support details only.

let's hope not many people will burn in any fallout as the story unravels.
 
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