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Self-acclaimed “Financial whiz-kid” goes on trial for fraud on allegations of running a Currency Trading ponzi scheme

Nasir Mohammad | Dec. 4, 2014
Self-acclaimed “Financial whiz-kid” goes on trial for fraud on allegations of running a Currency Trading ponzi scheme

Alex Hope, a 25 year old, ohandcuffs-dollar-scamne time catering manager turned  currency trader is 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.

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.

Prosecutor Sarah Clarke said Hope told a 'pack of lies' and said his trading was 'spectacularly unsuccessful' as he sustained massive losses in his trading activities. Hope also funded a fake lavish life style with investor funds valuing his expenses on his ostentatious lifestyle at about £2million.

He has pleaded guilty to carrying out financial activities without being authorized by the relevant regulatory bodies. His arrest was made after intervention of the Financial conduct Authority (FCA)

Tags forex scam
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