London FX Fraudster Alex Hope Pleads Guilty to Perverting Course of Justice
- In 2015, Hope was convicted of duping investors out of 5.6 million pounds.
A fraudulent foreign exchange trader who is already in prison for defrauding investors of around $7.3 million has pleaded guilty to attempting to pervert the course of justice, according to the Financial Conduct Authority of the U.K.
Alex Hope, who pleaded guilty today, was remanded in custody to be sentenced at the Inner London Crown Court on March 15.
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Back in 2015, fake forex trader Hope had already been sentenced to seven years’ imprisonment after being found guilty of operating a fraudulent investment scheme. The scam, which was likened to a Ponzi scheme, claimed to make large returns for investors from the profits of his Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term trading.
Hope was convicted of duping investors out of £5.6 million, having previously pleaded guilty to operating a collective investment scheme without authorisation.
Hope was ordered through a confiscation order in February in 2016 to pay back £166,696, but he paid just £1,000 before the payment deadline.
Between March 2011 and April 2012, more than 100 investors entrusted £5.5 million with Hope who promised to use their monies to trade on the foreign exchange market. However only 12% of the total sum that the investors gave was ever traded, and when Hope did trade he lost more than £500,000 of the £650,000 held in his trading accounts.
He was also charged with using the misappropriated funds to fund his extravagant lifestyle. Alex blew vast sums in casinos, hotels and clubs around the world and infamously dropped £125,000 on a single bottle of champagne.
According to the court findings, he spent more than £1 million in a casino, over £200,000 on designer watches and shoes, £60,000 on foreign travel, and at least £600,000 in bars and nightclubs in London, Miami and New York.
As a result of an FCA investigation, almost £2.65 million of the amount taken from the investors was identified and frozen in accounts controlled by Hope, and returned to investors over the last two years.
Hope will also continue to be liable for the outstanding debt in relation to the confiscation order, even after having served the sentence in default of payment.
A fraudulent foreign exchange trader who is already in prison for defrauding investors of around $7.3 million has pleaded guilty to attempting to pervert the course of justice, according to the Financial Conduct Authority of the U.K.
Alex Hope, who pleaded guilty today, was remanded in custody to be sentenced at the Inner London Crown Court on March 15.
Discover credible partners and premium clients at China’s leading finance event!
Back in 2015, fake forex trader Hope had already been sentenced to seven years’ imprisonment after being found guilty of operating a fraudulent investment scheme. The scam, which was likened to a Ponzi scheme, claimed to make large returns for investors from the profits of his Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term trading.
Hope was convicted of duping investors out of £5.6 million, having previously pleaded guilty to operating a collective investment scheme without authorisation.
Hope was ordered through a confiscation order in February in 2016 to pay back £166,696, but he paid just £1,000 before the payment deadline.
Between March 2011 and April 2012, more than 100 investors entrusted £5.5 million with Hope who promised to use their monies to trade on the foreign exchange market. However only 12% of the total sum that the investors gave was ever traded, and when Hope did trade he lost more than £500,000 of the £650,000 held in his trading accounts.
He was also charged with using the misappropriated funds to fund his extravagant lifestyle. Alex blew vast sums in casinos, hotels and clubs around the world and infamously dropped £125,000 on a single bottle of champagne.
According to the court findings, he spent more than £1 million in a casino, over £200,000 on designer watches and shoes, £60,000 on foreign travel, and at least £600,000 in bars and nightclubs in London, Miami and New York.
As a result of an FCA investigation, almost £2.65 million of the amount taken from the investors was identified and frozen in accounts controlled by Hope, and returned to investors over the last two years.
Hope will also continue to be liable for the outstanding debt in relation to the confiscation order, even after having served the sentence in default of payment.