Fraudulent City boss ordered to pay back £64 million
Hundreds of investors were duped out of a total of £70 million between 2013 and 2015 while he ran Capital World Markets (CWM).
A spokesman for City of London Police said a confiscation order was made against him on Thursday for the sum of £64 million, which is payable within three months.
The default period of imprisonment was set at 14 years.
Police released photographs of some of the luxury vehicles Constantinou spent his fraudulent money on, including a Porsche, Range Rover and luxury motorbike.
They previously said he was thought to be in Turkey or Dubai after being stopped in Bulgaria with a fake Spanish passport.
CWM had high-profile sponsorship deals with the Honda Moto GP, Chelsea Football Club, Wigan Warriors rugby league club, Cyclone Boxing Promotions and the London Boat Show.
The seven-week trial heard how Constantinou spent £2.5 million of investors' money on his 'no expense spared' wedding on the Greek island of Santorini in September 2014, while his son's first birthday party a few days earlier cost more than £70,000.
More than £470,000 was paid for private jet hire to fly him and his associates to Moto GP races across Europe as well as a return flight to Nice for a 150,000-euro five-day yacht cruise around the Mediterranean to Monaco.
The firm paid £200,000 a quarter to rent 'plush' offices in the City's Heron Tower, while nearly £600,000 was spent on just six months' rent of his large home in Hampstead, north-west London, where his luxury cars were parked in the drive.
Promised returns of 60% per year on risk-free foreign exchange (FX) markets, a total of 312 investors trusted their money to CWM.
Some were professionals but most were individuals who handed over their life savings or pension pots, with a large number of Gurkhas paying into the scheme, said prosecutor David Durose KC.
Constantinou denied wrongdoing but was found guilty of one count of fraud, two counts of fraudulent trading and four counts of money laundering and sentenced to 14 years in prison in his absence.
Adrian Foster, of the Crown Prosecution Service (CPS), said: 'This was a callous scam targeting members of the public. Many people lost their hard-earned money because of Constantinou's greed and false promises in this fake investment scheme.
'We continue to pursue the proceeds of crime robustly with the City of London Police, where we identify available assets to disrupt and deter large-scale frauds like this case.
'In the last five years, over £478 million has been recovered from CPS obtained confiscation orders, ensuring that thousands of convicted criminals cannot profit from their offending. £95 million of that amount has been returned to victims of crime, by way of compensation.'
Constantinou was previously jailed for a year at the Old Bailey in 2016 after being found guilty of sexually assaulting two women during after-work drinks.
One of the victims described how the parties were just like the raucous scenes depicted in Martin Scorsese's The Wolf Of Wall Street, starring Leonardo DiCaprio as rogue New York trader Jordan Belfort.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scottish Sun
23 minutes ago
- Scottish Sun
My son had the dream life in Spain – then a phone call changed everything, I may never get the answers I need
Sandra Adams claims that hidden security footage could be hiding the secrets she needs MUM'S PLEA My son had the dream life in Spain – then a phone call changed everything, I may never get the answers I need A YEAR ago, Sandra Adams received a call that will haunt her for the rest of her life. She was on her way home from work on 22 July last year and she says at that moment her old life ended. Advertisement 7 Breet Dryden was found dead in his home in Spain Credit: Supplied 7 Heartrboken mum Sandra Adams believes that her son was killed Credit: Supplied She was told that her only son Brett Dryden, had been found dead at his home in Spain. While Sandra says that at times the grief is unbearable, she is kept going by her quest for the truth about the circumstances of his death. She is driven by a burning sense of injustice, because she believes police bungled the initial investigation and Brett's death remains a mystery- one she is determined to solve. Brett seemingly had the perfect life in the sun. The 35-year-old father-of-one, originally from County Durham, moved to Spain in 2019 with his partner. Advertisement They had a daughter. The relationship didn't work out and the couple split but Brett stayed in Spain to build his business and remained a doting father. He lived in the laid-back Spanish seaside town of Mojácar in the province of Almería where he ran a legal cannabis club called The Dawg House. Sandra, from Chester-Le-Street, says: 'When he moved, I was devastated but it was his choice. 'He had an amazing life there. He loved it. He had loads of friends and said he would never move back.' Advertisement But that dream life ended on July 22 last year, the day Sandra received a call from one of Brett's friends in Spain who had found his body in his villa. 'I couldn't believe what I was hearing,' she says. Tributes Pour In for Father-of-Three Who Tragically Died in Benidorm 'My world caved in, I was in utter disbelief and I'm still in shock today.' In a daze, Sandra, a carer, 56, and her husband and Brett's stepdad Rob flew to Spain that day. Advertisement One of the friends who found Brett claimed he'd overheard the Spanish police known as the Guardia Civil saying they believed Brett had been struck in the head with an axe. However, the friends had been allowed to walk through the villa several times, which was potentially a murder scene. A post-mortem was performed the following day. It concluded Brett died of a pulmonary embolism, caused by a blood clot in his lungs. The case was closed. 'They said it was a terrible accident. He fell and banged his head,' Sandra explains. Advertisement She was immediately sceptical. Rob had taken photos and video of blood stains in several locations around the property. Her suspicions were further raised when she went to see her son's body. 7 Brett moved to Spain with his daughter and partner but when they returned to England he decided to stay put Credit: Supplied 7 Initially Brett's death was ruled as accidental but his parents don't believe this is the case Credit: Supplied Advertisement 7 'He was in the chapel of rest, and there was a huge wound in the side of his head,' she recalls. 'I knew in my gut that something was not right. He had other visible injuries. To me it looked like there had been a struggle.' The family have only recently been given details of what was contained in the full Spanish autopsy report. Advertisement They hired a Spanish lawyer who gained access to official documents in the case. According to him, the autopsy report detailed injuries to Brett's legs, arms, head and neck and fingernail marks, cuts and bruises on his face. There were nail wounds to his lips and neck. There was also a four-centimetre wound to his head and bruising to his ear, eye and skull on his left side. Pathologists found internal bleeding to the right side of his head and 'intense encephalic congestion' - an injury resulting in the brain's blood vessels becoming swollen and congested. Advertisement The report also reveals police had admitted to pathologists that Brett had been the victim of a home invasion. I just don't understand how we're nearly a year on and no further forward Sandra Adams The report stated: 'During the examination signs of a struggle were observed on the body such as droplets of blood in various locations on the body.' Despite all this the autopsy also said there was cocaine in Brett's system and concluded this was what triggered the pulmonary embolism and within a day of the original postmortem the case was closed. Still raw and in shock at their loss, Sandra and Rob did their own digging. Advertisement They discovered several of Brett's personal belongings were missing including his mobile phone, his wallet and his designer sunglasses. In the days after his death Sandra used Brett's MacBook to track the missing iPhone which was still being used and pinged at several locations in the nearby town of Vera. She showed the police. Four days after Brett's death, with so many unanswered questions, a local court ordered the police to reopen the case and treat it as a homicide investigation. Sandra believes cops were hoping to sweep the death under the carpet to protect the reputation of the area, which relies on tourism. Advertisement 'If they could have covered it up, they would have done,' claims Sandra. In addition to the phone location, the Adams also discovered potential CCTV evidence after Rob knocked on neighbours' doors looking for video footage. Sandra explains: 'One neighbour confirmed they had footage but under Spanish law they're not allowed to give the CCTV footage to anybody but the police, who now have the footage. 'We haven't seen it but our lawyer has seen reference to it in the police reports, which he says clearly shows two people leaving Brett's villa the day he died. Advertisement 'He says the people were carrying what appeared to be the same type of bag Brett used to carry the takings from his club. 'What's more, the manager of Brett's club also told police that he was on the phone to Brett before he died and that Brett cut the conversation short with the words: 'I've got to go, they're here.'' Where to seek grief support Need professional help with grief? Child Bereavement UK Cruse Bereavement Relate The Good Grief Trust You can also always speak to your GP if you're struggling. You're Not Alone Check out these books, podcasts and apps that all expertly navigate grief… Griefcast: Cariad Lloyd interviews comedians on this award-winning podcast. The Madness Of Grief by Rev Richard Coles (£9.99, W&N): The Strictly fave writes movingly on losing his husband David to alcoholism. Terrible, Thanks For Asking: Podcast host Nora McInerny encourages non-celebs to share how they're really feeling. Good Mourning by Sally Douglas and Imogen Carn (£14.99, Murdoch Books): A guide for people who've suffered sudden loss, like the authors who both lost their mums. Grief Works: Download this for daily meditations and expert tips. How To Grieve Like A Champ by Lianna Champ (£3.99, Red Door Press): A book for improving your relationship with death. Sandra now believes that people who knew Brett tried to rob him, and that he fought back and was killed. 'He was only a little chap,' she says. Advertisement 'He was five foot five and a half. But I know he wouldn't have let anybody come into his house and not defended himself. 'I just don't understand how we're nearly a year on and no further forward.' After Brett's body was repatriated, UK authorities held their own autopsy. The results have yet to be released. 'When we get those details, we can compare them with the Spanish postmortem report,' says Sandra. Advertisement 'If I didn't have this to fight for, I don't think I'd be was my only son. 'When I had him, I wasn't with his dad, so it was me and him until I met Rob. 'He was a great boy. He was always smiling. He had a really good heart. He was happy-go-lucky and he would help anybody if he could.' Sandra says Brett's daughter is struggling to cope with the loss. Advertisement 'She's a really brave little girl,' says Sandra. I would hate for anybody to go through what we're going through. It's hell on earth every single day Sandra Adams 'She talks about her daddy openly, but she talks about him as if he is still here. She misses him terribly because they were really close.' And when Sandra was diagnosed with early-stage womb cancer in 2023 and needed a hysterectomy, Brett was there to support his doting mum. On the anniversary of his death the family will fly out to Spain to remember him. Brett's daughter, his sister, Shannon and his aunt and his nieces and nephews will be there. Advertisement 'I am going to lay flowers up at the villa,' says Sandra. ''We will go to Zeppelin Bar where he spent most of his nights with his friends and where I'm going to raise a glass to him. 'I'm going to make it a celebration of his life. I'm not dreading it because I feel close to him out there. I feel at peace there.' But until she's satisfied that she knows what happened, Sandra remains in limbo. The family have set up a Go Fund Me page to help with their legal costs. Advertisement 'I want justice, I want to know what happened and I want the police to take accountability for the mess they made of it because they clearly tried to cover it up in the beginning,' she says. 'I'm going to keep talking about it and keep looking for answers because I need to keep the case out there, and to let the authorities, and whoever did it, know that I'm not going away.' A court spokesman previously said of the case: 'The investigation hasn't been suspended or closed. It is still open, and this incident remains under investigation. "The court is waiting for the Guardia Civil to complete their full report and present their conclusions. For the time being there's nothing more we can say.' Advertisement The Sun reached out to the Guardia Civil for comment. 'I'm hoping that they do find who did this,' says Sandra. 'I would hate for anybody to go through what we're going through. It's hell on earth every single day. 'He was my only son. I don't think I'll ever come to terms with it. I think I'll cry every day for his loss. I navigate through my grief. I'm doing the best I can. He deserves justice.' Advertisement 7 Sandra says getting to the truth of what happened is what keeps her going Credit: Supplied
Daily Mirror
2 hours ago
- Daily Mirror
Huge victory for Brits as Spanish hotel bosses hit back at anti-tourist attacks
Brit tourists should not be used as a 'punching bag' for the worsening housing crisis impacting Spain, hotel bosses have warned in a major clap-back at protesting locals Hotel bosses on a tourist-engulf Spanish island have jumped to the defence of Brits following a string of confrontational protests. Last year, a staggering 15.3 million international visitors flocked to the Balearics - a beautiful archipelago made up of Majorca, Ibiza and Menorca. The influx resulted in fed-up locals storming the streets en masse - waving banners demanding holidaymakers 'go home'. Arguing the rising demand of holiday rentals is pricing them out of the property market - and worsening the country's housing crisis - residents even took to squirting Brits with water pistols to get their message across. READ MORE: Tiny Greek island dubbed 'a smaller Mykonos' named voted best in the world The latest protest, which took place just last month, comes as activists vowed to unleash 'misery' for Brits during the busy summer period. However, it seems the Mallorca Hotel Business Federation (FEHM) is pushing back on the island's anti-tourist landscape by launching a new campaign. The initiative, which aims to thank millions of tourists for visiting the island and raise awareness of the 'importance of tourism' to the economy, has seen around twenty billboards distributed throughout Mallorca, using positive and welcoming messages in English and German. According to local news site Majorca Daily Bulletin, Javier Vich, the president of the federation, said: "We cannot allow a radical minority to damage the work carried out over many years by so many people who have made tourism their way of life... Tourism cannot be the punching bag for all the structural problems of this community." Javier added that every month during the high season, a staggering 235,000 salaries are paid in sectors linked to tourism. This includes workers in the transport, catering, culture, leisure and hospitality sectors. The hotel boss went on to argue that Spain risks suffering a slowdown in bookings during the summer season, and more and more Brits flock to rival destinations like Greece and Turkey - which 'welcome tourists with a red carpet'. Even Morocco - which has long struggled to attract high levels of tourism, has seen its visitor numbers surge in recent months. "We must also be aware of their value," Javier warned. "Mallorca has been, is and must continue to be a hospitable land..." While the campaign may be well received by self-serving hotel bosses, that cash in on tourism, it's safe to say the news won't go down well with locals demanding change. And still - despite the alarming number of protests and graffiti that have been smeared across Spain - British expat Sandra Laurie, who has lived in Spain for nine years, says Brits should continue visiting Spain. "Local businesses, restaurants, and shops have built their success on welcoming tourists from all over the world," she exclusively told the Mirror earlier this year. "If you have a trip planned—don't let the headlines deter you. The Costa del Sol and other popular destinations are buzzing with life. The beaches are packed, the pueblos are alive with energy, and both locals and tourists are soaking up the sun, relaxing, and making the most of everything Spain has to offer." Of course, Sandra says being a 'respectful' visitor is key to being welcomed to the sunny country.
Daily Mirror
3 hours ago
- Daily Mirror
Arsenal transfer news: Viktor Gyokeres negotiations update as fifth summer signing leaked
Arsenal will soon add Viktor Gyokeres and Cristhian Mosquera to their list of summer signings after completing a £52million deal for Chelsea winger Noni Madueke Arsenal have now made four signings in the summer transfer window but are showing no signs of slowing down yet. The Gunners completed the capture of Noni Madueke from Chelsea on Friday afternoon. The England winger has signed for £52million – £48m up front, with a further £4m due in add-ons – and has penned a five-year contract. Madueke's arrival followed those of Martin Zubimendi, Kepa Arrizabalaga and Christian Norgaard. And two more deals are expected to be completed soon, with Viktor Gyokeres and Cristhian Mosquera next on the production line at the Emirates Stadium. Sporting director Andrea Berta has been extremely busy and, after spending reached £134m, there is more to come. Here Mirror Football looks at the next deals in the pipeline. Sporting issued threat The Gyokeres saga has rolled on and on this summer, but we are finally approaching the end. The Swedish striker has moved his things out of his house in Lisbon and is close to getting his wish. Negotiations are now just centered around the make up of the add-ons and payment structure. And Sporting are being given the hurry-up by Almeria over the purchase of his replacement. The Portuguese club have identified Luis Suarez (not that one) as Gyokeres' replacement, but have been slow in making their move. 'We haven't had any official contact with Sporting to date,' Almeria president Joao Goncalves said. 'We haven't received any formal or informal contact, but we have with other clubs, and we're moving forward with negotiations with other clubs. We're managing our timing. 'Fair value? He has a €40million release clause. To paraphrase (Sporting president) Frederico Varandas – we're not asking for the value of the clause, but we're going to defend our interests.' Mosquera arrival leaked Clubs are very particular about how they announce signings, needing all of their ducks in a row before doing so. But an awkward error at the Gunners has denied them the chance to do so with Mosquera. A picture of Mosquera in an Arsenal kit was accidentally uploaded to Getty Images on Friday. It was swiftly deleted, but has stolen their thunder. The Spanish centre-back is joining for £13m plus add-ons and will be announced before Gyokeres. Mosquera has already spoken of his exit from Valencia, saying: "[I am] a little sad because [I have] been here [my] whole life, but decisions in football are like that. Now a new era begins." Arteta's Madueke win Madueke has become the latest Chelsea player to join Arsenal, making the move despite the growing unrest about the club's reliance on their London rivals. It is a major win for Arteta, who has been keen on the 23-year-old winger for some time. It has now emerged that Arteta has been pushing for Arsenal to sign him for some time, having first tried when he was playing for PSV Eindhoven. However, it never happened because former sporting director Edu was not on board, due to reservations over the player. Speaking after the deal was confirmed, Arteta said: "Noni is an exciting and powerful young player, with his performances and numbers in recent seasons being of consistently high quality. He is one of the most talented wide forward players in the Premier League.'
