GFX capital fund manager seized over £40m fraud

LONDON - The City of London Police's Economic Crime Department has arrested an investment fund manager for fraud at defunct hedge fund GFX Capital Markets. Terry Freeman was arrested on February 9 on suspicion of money laundering and offences in violation of the Financial Services and Markets Act. Police said they were looking at a "substantial" fraud at GFX, which is understood to have stopped trading around the New Year. It has been reported that up to £40 million of investors' money is involved, with some investors losing six-figure sums. Freeman is believed to have specialised in foreign exchange trading. Police are still gathering information from GFX investors.

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