Alex Hope, a 25 year old, one 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)