FCA orders Alex Hope to pay £2.9 million

15 February, AtoZForex.com, Lagos – The Financial Conduct Authority (FCA) has issued further order against Alex Hope, a self-acclaimed “Financial whiz-kid”. He is a 25 year old, one time catering manager turned currency trader, reported to have been running a £5.5 million ponzi scheme. He was promoted as a ‘successful and talented’ trader by his accomplice, Raj Von Badlo, 56, who has admitted to promoting Alex on misleading information.

Proceeds of Crime

Adding to previous judgment of imprisonment, the Southwark Crown Court has now ordered Alex Hope to settle about £2.65 million to investors. The FCA also stated that in addition, Mr Hope was made the subject of a Proceeds of Crime Act 2002 (POCA) confiscation order in the sum of £166,696. However, Mr Hope must now settle the order in full within three months or face another sentence of 20 months’ imprisonment by default, consecutive to the seven year sentence imposed upon him in January 2015.

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Mark Steward, the FCA’s Director of Enforcement and Market Oversight said:

“This is the largest sum returned to victims of crime following an FSA/FCA prosecution and is the result of quick action in the first instance to restrain the proceeds of Mr Hope’s offending. The FCA will continue to work hard to ensure wrongdoers are held accountable not only for their wrongdoing but also for their consequences, especially to victims, to the fullest extent possible.”

Alex Hope victims

Among his victims is Marvin Elliott, a Jamaican international footballer who now plays for Crawley Town in Football League One. Alex Hope is said to have received £50,000 from the Crawley town midfielder. Elliott was promised 50% returns in just three months, but lost his investment. Also, Christopher Millard, a retired teacher, invested £25,000, including cash from his redundancy package, into Hope’s scheme, after he was promised regular updates on his account  and 100% returns in three months, but unfortunately lost £10,000 to Hope’s scam after pulling half of his initial investment.

On aggregate, investors are expected to receive in excess of £2.9 million, which equates to approximately 55% of the capital sums that are owed to them.

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