On-the-run 'financier', Anthony Constantinou, was convicted in his absence on Monday of devising a £70 million Ponzi scheme through his company, Capital World Markets (CWM).
Accused of defrauding investors by promising high returns from forex activities, he was in fact running a Ponzi-style scheme that used new deposits to maintain the seemingly stellar performance.
Though Constantinou fled mid-trial, he was found guilty of seven charges, including fraud by false representation and transferring criminal property at London's Southwark Crown Court.
The company's extravagant spending from clients’ funds was brought to light, including Constantinou's £3 million personal expenditure.
Despite his defence team’s claim that others committed the fraud, no one else has been charged.
Constantinou will be sentenced in his absence on June 9.