A law firm acting for investors who fell foul of an alleged £50m fraud by CWM FX are being urged to join a class action to reclaim their money back.
FS Legal has been instructed by two clients who lost £1.5m and £2m respectively through the CWM Ponzi scheme, in which the architects led investors to believe they would be guaranteed a five per cent return each month.
Partner at FS Legal Kit Sorrell said: “We are looking for people who have been advised by financial advisers or accountants,” he said. “One client has instructed us for a claim of £2m and we will soon be issuing proceedings relating to this matter.
“At this stage we welcome instructions from other investors and are dealing with matters on a no-win no-fee basis."
CWM FX was based in the heart of the Square Mile in the Heron Tower, which had its offices raided by the police’s fraud squad in 2015, resulting in the arrest of 13 employees. They were all later released on bail.
The firm's former boss Anthony Constantinou was later jailed for 12 months on two counts of sexual assault.
Last year the City of London Police called for Gurkha soldiers and other members of the Nepalese community, who are alleged to have been targeted by the scheme, to come forward if they had invested.
The law firm's call to arms is designed to beat the time-sensitive nature of the claims, which dictates that they have to be brought to court within six years from the date the investors handed over their money.
“If it’s not brought to court in that time, then the claim just lapses," Sorrel said. "No matter how good the claim is, there’s no prospect of getting any recourse with the client. Given the date of some investments, time to claim is now running short.”