The second generation of chaebol who became a Ponzi scheme…英 an upside-down financial scam
Anthony Constantinou, 41, accused of financial crimes worth 70 million pounds, was found guilty of a unanimous jury decision at Southwark Crown Court on the 22nd (local time) due to his colorful background, including his father, a fashion celebrity, and his friendship with a British princess.The super-large Ponzi scheme using the second generation of chaebol “background” is the son of Aristos Constantine, who was known as a fashion mogul. Aristos Constantine was shot and killed in London, England in 1985. The culprit remains unknown and remains one of the major unsolved cases in Britain.Anthony Constantine founded the Capital World Markets (CWM), a foreign exchange trading company, in London with his father’s legacy. He attracted customers with his background as a second-generation conglomerate, a monthly profit rate of 5% and an annual profit rate of 60%. Since late 2013, Constantine has attracted investment, saying that investing in CWM “safely” guarantees 60% annual return through “riskless” foreign exchange transactions. It added an explanation that 90% of the investment will be kept safe and only 10% will be invested to make high profits.The reason why people were misled by this futile deception was because of Constantine’s splendid background.
He said he compensated customers for their losses with huge personal assets. It was possible because of the background of being a child of a famous entrepreneur. Constantine sponsored the 2015 London Boat Show, where she also became acquainted with Princess Anne and Princess Beatrice of the British Royal Family. Investors trusted him even more when he revealed that he had signed sponsorship contracts with prestigious English soccer clubs Chelsea and MotoGP.He has an office at Heron Tower in London’s financial hub. Customers’ confidence has strengthened after seeing traders busily trading in luxury CWM offices. But CWM employees were actually making mock investments, not real deals. When asked about the secret of the phenomenal return on investment, Konstantinu declined to explain it, calling it a “complex and long story.”The City of London police began an investigation in 2014 after receiving a tip-off, and in March 2015, they raided the CWM office and arrested Constantine. The conclusion of the investigation was a Ponzi scheme. There was no evidence that CWM made a profit from foreign exchange transactions. The source of the proceeds that Constantine paid to investors was funds entrusted by other investors. According to London City Police, there are more than 250 victims. The minimum investment per person was 50,000 at the beginning of the scam, but later doubled to 100,000.Konstantinu has been confirmed to have spent a significant portion of his investment, spending £2.5 million on a luxury wedding in Santorini, Greece, and £4.3 million on luxury real estate purchases in 2014.He was also sentenced to one year in prison for committing two sexual assaults in 2014 and 2015. In addition, he was accused of committing several other sex crimes. There was a Ponzi scheme, but the employee who mentioned the word Ponzi scheme was fired.Konstantinu disappeared during the trial, and his whereabouts are unknown after he was arrested in Bulgaria for possessing a fake ID card and released for unknown reasons. The court issued an arrest warrant and will sentence him on June 9, regardless of his presence.
KS Choi
US ASIA JOURNAL
