Fake foreign-exchange trader, Alex Hope receives additional prison sentence for failing to pay penalty

Fraudulent foreign-exchange trader, Alex Hope was jailed in 2012 for duping investors out of over £5.5 million and has since been sentenced to an additional 603 days for failing to pay a confiscation order.

 

The FX fraudster, who has been dubbed ‘King Popper’ for using investors’ money to fund a champagne lifestyle, is already in prison for running an unauthorised collective investment scheme and promising investors their funds would be used for trading on foreign exchange markets.

 

However, over 100 investors were duped out of £5.5m, with only 12% being used for trading. The rest was spent on casinos, bars, clubs, and gifts for Hope’s friends and family.

 

Leading up to his original arrest in 2012, it was reported that the FX con spent £200,000 on a single night out in an underground Liverpool nightclub.

 

On 27th September 2016, Hope was sentenced to an additional 603 days given that he had only paid a mere £1,000 of his £166,696 penalty. According to the Financial Conduct Authority (FCA), the foreign-exchange fraudster was ordered to pay back the funds in February of this year.

 

As it stands, the FCA have returned almost £2.65m to investors after identifying the account held by Hope.

 

Mark Steward, the director of enforcement and market oversight for FCA, said: “The FCA will continue to make sure wrongdoers do not profit from their crimes at the expense of victims.

 

“Confiscation orders cannot be ignored and will be enforced.”

 

Transferring money can be stressful, frustrating and time consuming. We understand! That’s why at WhichFX, we only work with brokers that are governed by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. In addition to this, we also have a HM Revenue & Customs certificate of registration for money laundering regulation.

 

To ensure that you’re getting the best deal possible, submit your quote to WhichFX when exchanging currency.

 

Worried about protecting your money in the FX market? At WhichFX, we only work with registered FCA governed brokers that are authorised by the Financial Conduct Authority under the Payment Service Regulations 2009 for the provision of payment services. We also have a HM Revenue & Customs Certificate of Registration for Money Laundering Regulation.

 

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