Advisers among those hit by 'pyramid scheme'

Other affected investors urged to come forward

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. Fraudsters behind £60m Arck investment scam sentenced to 12 years 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 we...