A report by City A.M. provides a new perspective on the continuing controversy surrounding CWM FX. After the company’s office in the Heron Tower in London was raided by the City of London police, the firm had to curtail its operations. According to the report, the northern expansion plans of the brokerage have been put on hold.
Before the infamous raid, the CWM FX hired a number of employees for its offices in Manchester. After recent events, the company’s premises have remained deserted with the remaining employees being put on leave after the Easter weekend.
17 people have been on-boarded to work for CWM FX in Manchester
As the report outlines, a total of 17 people have been on-boarded to work for CWM FX in Manchester. Discontent employees have been unhappy with the way the company treated them. Facing operational difficulties, the now defunct Forex brokerage has put ten employees of leave, while the remaining seven have been let go.
According to the information cited by City A.M., the seven employees who left the company last week were offered jobs only to find out a couple of days later that they have a one-week probation period.
Anonymous sources shared that the employees have not been paid. The official position of CWM contradicts the rumors, stating that the broker’s personnel has been paid and the seven employees who left the company did have a one-week probation clause in their contracts.
According to the company, at present the remaining ten employees of CMW FX in Manchester are not working after being put on leave after the Easter weekend.
In the aftermath of the police raid on the premises of the brokerage, Leverate has severed its ties with the company. The partnership between the firms lasted less than six months.
Last month, CWM FX shared with Finance Magnates that it believed that it was a victim of a targeted attempt by former employees to discredit the firm’s business. Whether that is the case or not remains to be seen as we expect more details about the City of London police raid on the premises of CWM.
