Accused FX Fraudster Didn’t Know How Trading Worked, Lawyers Say

The top trader at an alleged fraudulent City of London foreign exchange firm didn’t even know how trading actually worked, prosecutors said at a London trial.

Anthony Constantinou, who ran Capital World Markets Ltd., is on trial at London’s Southwark Crown Court accused of controlling the scam that swindled investors out of £50 million ($61.9 million). Constantinou denies all the charges.

Anthony Constantinou outside Southwark Crown Court on March 30.

Photographer: Chris J. Ratcliffe/Bloomberg

Prosecutors told jurors this week that Constantinou made CWM look like a legitimate outfit with real traders when in fact there was no substantive trading happening. Constantinou’s head trader was a recent university graduate who did much of ...