Crutchlow sponsor CWM under investigation for money laundering Published: Today 10:18 CWM FX, the foreign currency trading firm who are title sponsors of the LCR Honda MotoGP bikes of Cal Crutchlow and Jack Miller this season, have had thirteen staff members arrested in a police raid of the firm’s London offices. City of London Police, who made the arrests early this month in cooperation with the Financial Conduct Authority, are carrying out an investigation into money laundering and fraud, and arrested the ten men and threw women at their offices in London’s prestigious Heron Tower. In a police statement, Detective Superintendent Maria Woodall said: “The primary objective of the arrest phase of this investigation was to stop what we believe was on-going criminality and prevent people putting their money into CWM’s managed funds offering 5% interest per month. “Now we need anyone who thinks they have invested in this specific enterprise to get in contact and help us clarify exactly how this company has been using the funds given to them in good faith by the citizens living in the UK and abroad.” What effect, if any, the arrests will hvae on the firm’s sponsorship of Lucio Cecchinello’s MotoGP team, who are set to get the season underway this weekend in Qatar, remains to be seen.
oh dear... Offshore Alert, an investigative research publication, is claiming that CWM Group is part of a massive $16 billion Ponzi scheme, orchestrated by the Mauritius-regulated Belvedere Management Limited. CWMFX's Parent Group Linked to Massive Offshore Ponzi Scheme, Researcher Says | Forex Magnates Chelsea FC Partners Were Target of Police Heron Tower Raid
Seems a strange response. Well thats LCR doomed then. Theres no way they can keep them as a sponsor now.
wonder if it will cause a delay in them making the grid this year With out a major sponsor can LCR Fund the bikes team etc
It seems Drive M7 has pulled their sponsorship of the Aspar MotoGp bikes at the last minute....that'll 2 more black bikes on the grid
