The lingering battle between Alex Hope and Raj Von Badlo vs. the Financial Conduct Authority (FCA) came to a fitting end Friday, with a pair of prison sentences being dolled out for FX fraud by the Southwark Crown Court.

Mr. Hope was initially arrested as early as April 3, 2012, following allegations of fraud and embezzlement of client funds for the use in casinos, nightclubs and other non-stipulated activities. On April 23, 2014, nearly two years after his initial arrest, the FCA prosecuted Hope, after finding evidence of his FX scam, though not before also bringing in co-conspirator Raj Von Badlo.

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Mr. Hope’s co-defendant, Raj Von Badlo, had submitted a guilty plea for recklessly making false representations to investors and an added offence of promoting a collective investment scheme without authorization at a hearing on July 22, 2014.

As a result of these infractions, the Southwark Crown Court has slapped two prison sentences on Mr. Hope and Mr. Von Badlo lasting seven years and two years respectively.

According to acting FCA Director of Enforcement and Market Oversight, Georgina Philippou, in a recent statement on the sentencing, “Alex Hope presented himself as a trader with a flair for trading on the foreign exchange markets when in reality he spent a good deal of his investors’ money on himself.”

“With the assistance of Raj Von Badlo, Alex Hope enticed dozens to invest considerable sums in his fraudulent scheme. This case shows that the FCA will vigorously protect consumers from those who break the law and do whatever it can to get their money back to them,” she added.