FCA Charges Men Over $7.75 Million Fake Currency-Trading Scheme

The U.K. finance regulator charged two men with setting up a fraudulent currency-trading scheme, which robbed 5 million pounds ($7.75 million) from its investors.

Alex Hope, from London, and Raj Von Badlo, from Buckinghamshire, north of the capital, were charged with 10 offenses linked to the scheme they promoted and operated, the Financial Conduct Authority said in a press release posted on its website today.

Both men were arrested following searches of their homes carried out by the City of London Police and the then finance regulator, Financial Services Authority. The FCA took over from the FSA earlier this month.

A former U.K. foreign-exchange broker was sentenced to five years in jail in March for defrauding investors of about 3 million pounds.

Chris Hamilton, a spokesman for the regulator, didn’t immediately respond to an e-mail seeking details of the mens’ lawyers and contact details.

To contact the reporter on this story: Jeremy Hodges in London at jhodges17@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.