FCA Prosecutes FX Fraudsters Alex Hope and Raj Von Badlo
The lingering battle between Alex Hope and Raj Von Badlo vs. the Financial Conduct Authority (FCA) came to a fitting

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.
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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.
This is just an institutional version of the virtual dealer plugin for mt4, correct?
While it is price/fill manipulation, the fact that it is randomized evenly across all clients would make it a little more fair than a plugin that can target individual accounts.
So a broker would have to state in their terms of service the minimum and maximum execution times per order to avoid being accused of order manipulation.
@Jon – VD for institutions, great analogy
Here are some more details
http://www.dailymail.co.uk/news/article-2933398/City-trader-dubbed-King-Popper-jailed-5-5million-Ponzi-scam.html
I still remember that first article that I read about him in March 2012 when he was called a’ mystery trader’ who splashed out some £200k on champagne in one night. I thought then…he doesn’t look like the son of an Arab billionaire, so it’s got to be some kind of scam.
It’s about time regulators and authorities are sending a message