Advisers among those hit by 'pyramid scheme'

Other affected investors urged to come forward

clock • 1 min read

More than 600 investors, including a number of IFAs, have lost money in a scheme with foreign-exchange trading firm Capital World Markets (CWM) that is believed to have defrauded people of more than £50m.

The scheme purported to offer a guaranteed 5% monthly return from monies supposedly traded on the foreign exchange market. Following an investigation by law firm Fieldfisher, however, it has been concluded that no funds were traded. Police raided CWM's premises in London on 15 March last year, arresting 15 people on suspicion of fraud-related offences. All were later released on bail. Fieldfisher, which is seeking to recover losses incurred in the scheme through a class action, says a total of more than 600 people were invested. The company has so far gathered together 250 claimants, ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Fifty years after 'Bogle's Folly', what comes next for financial advice?

Fifty years after 'Bogle's Folly', what comes next for financial advice?

'Indexing will continue to grow, but the wrapper through which investors access it will change'

Gillian Hepburn
clock 12 October 2026 • 4 min read
Chris Justham: Why the industry must 'entertain and engage' investors

Chris Justham: Why the industry must 'entertain and engage' investors

‘We can’t just offer them a dry cracker and ask them to chew it down’

Chris Justham
clock 07 October 2026 • 3 min read
Jupiter Merlin makes 'keystone' changes and cuts charges on Select range to attract advisers

Jupiter Merlin makes 'keystone' changes and cuts charges on Select range to attract advisers

Two new funds launched

Michael Nelson
clock 06 October 2026 • 6 min read