Unauthorised forex investment fraudster convicted
Tuesday 13th January 2015
Written by Conor Shilling
Last week Alex Hope – an unauthorised investment trader – was found guilty of one charge of fraud at Southwark Crown Court.
Hope had previously admitted a charge of operating a collective investment scheme without authorisation in April 2014.
He was prosecuted by the Financial Conduct Authority (FCA) for running a scam which claimed to be making large returns for investors from foreign exchange (forex) market trading.
Georgina Philippou, Acting Director of Enforcement and Market Oversight at the FCA, commented: “Using fraud and false promises, Hope took in those who trusted him to invest their money. He promised fantastic returns but, as is so often the case with unauthorised investment schemes, those who invested ended up with significant losses and the main beneficiary of the scheme was Hope himself.
Philippou added that the conviction of Alex Hope serves as a timely reminder for consumers and investors that unauthorised investment schemes are often risky and if promised returns seem too good to be true, the most probably are.
Between March 2011 and April 2012, Hope took over £5 million from investors, and used over £2million of this for personal expenditure. Hope told investors that he would trade their money on the forex markets.
Hope held himself out to be a successful trader who could make investors a return of up to 100% in just a few months. In reality, according to the FCA, Hope’s trading was making heavy losses. He lost over £500,000 of the £650,000 held in his trading accounts.
Hope is due to be sentenced on January 16th.
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Editorial Contact Details - Conor Shilling
conor.shilling@angelsmedia.co.uk
Editorial Contact Details - Conor Shilling
conor.shilling@angelsmedia.co.uk
0845 672 6000
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