Anthony Constantinou, founder of Capital World Markets (CWM), was found guilty of a £70 million forex trading investment fraud by a London court yesterday (22 May).

The City of London Police said that although more than 250 known victims provided substantial funds, the funds were not invested in foreign exchange and the alleged returns were returned to investors from their own investment capital and that of others.

Konstantinou, 41, ran the CWM platform in a Ponzi-style investment scheme that he claimed offered investors 60 percent annual returns on forex trading, which he described to them as risk-free.

CWM operated from late 2013 to early 2015, and Constantinou told investors they would receive a 5 percent monthly return, while those who referred investors to CWM could get a deduction.

On 22 May, Southwark Crown Court found him guilty of seven counts of fraud and money laundering.

In the early stages of the scam, investors were told by the CWM platform that the initial minimum investment was £50,000, but increased to £100,000 at a later stage.

Prosecutors told the court that those who signed up were lured by CMW's high-end offices in the City of London and high-profile sports sponsorship deals, including one with Premier League club Chelsea.

Investors were told that only 10% of their money was at risk, with the remaining 90% safely held in a "segregated account" in Germany. This 10% is protected by matching funds in CWM and a guarantee from Constantinou himself.

The City of London Police added that there was evidence that while others played key roles in the scam, Constantinou was the only person who knew what was really going on at the company.

The investigation into Constantinou and CWM began in 2014.

After an initial investigation, the police decided to stop the scheme before it collapsed in order to preserve as much money as possible for investors and stop more people from falling victim to the scam.

In March 2015, officials searched CWM's Heron Tower office in the city and arrested Constantinou.

Following the search, an investigation into CWM's finances revealed excessive spending of clients' funds, including £3 million spent by Constantinou on lifestyle events, including his wedding and CWM launches.

"This is a long and complex investigation. Anthony Constantinou was a career criminal who only wanted to make as much money as possible for himself, with no regard for anyone else, "said Detective Nicola Meggie, from City of London Police.

"We are pleased that the jury saw through his lies and unanimously found him guilty," Meggi added.

During the investigation, Constantinou used a prepared statement and denied knowledge of the fraud. He did not attend the later stages of the trial.

Constantinou will be sentenced in absentia on June 9, according to City of London Police.