CMC Markets CCO accused of fraud?

The CCO (Chief Commercial Officer) of CMC Markets Farzim Nazari has been accused of refurbishment and rigging of the maintenance of CMC’s building, all of which comes to a hefty amount of $2.6 million. Farzim is currently under investigation and cannot attend his work because of the suspension. The fact that he tried this kind of trickery and fraud makes his case a lot heavier and requires a lot more attention from the investigators.

The scheme is said to have benefitted a former Sydney employee of the company, by the name of Emma Brassington, she is also under custody and facing charges. The CEO of CMC Markets Peter Cruddas has officially announced that he is accusing the two conspirators Farzim Nazari and Emma Brassington in conspiring to inflate the cost of a number of contracts, one of which was a contract about the renovations in his home.

Nazari had recommended builders who were onto the scheme, through them it was possible that throughout the months inflated invoices would funnel in the office from the construction sites, not raising any alarms in the beginning. It is believed that the scheme had been going on for a number of months before it got discovered in September.

Even though the accused individuals have been suspended from their positions and will receive a big hit to their names, Cruddas insisted that their emails needed to be searched for further proof. He is very distraught over the fact that his company had been scammed of the hard-earned profits. Nazari and Brassington’s assets have also been frozen until investigations are over and all the charges are dropped.

Cruddas also adds that this was not the only case of them trying to scam the company from its profits. According to him the who had also colluded to make more profits by making CMC enter partnerships with companies they had previously made deals with, ultimately harming the company’s profits and reputation.

CMC has announced that they are not going to drop the charges in any way until the allegations are proven to be factual by the court. It is understandable to see such fervor from the side of CMC, but still, investigations need to bear fruit before conclusions are made.

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Konstantin Rabin

About the Author: Konstantin Rabin

Konstantin has been working in the financial services industry since 2011. He is over-viewing various updates in the technology, regulation, and market movements. He's passionate about games and has a cute cat named Dog.

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