LCR Honda sponsor CWM under investigation for money laundering

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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 three women at their offices in London’s prestigious Heron Tower. The staff were subsequently released under bail until September.

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 have 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.

Simon Patterson

By Simon Patterson

MotoGP and road racing reporter, photographer, videographer