- Alex Hope was jailed for seven years in January 2015
- He duped investors out of $8.1 million he spent in bars, clubs
Investors duped out of 5.6 million pounds ($8.1 million) by a jailed fake foreign-exchange trader will have 2.9 million pounds returned to them, according to the U.K. Financial Conduct Authority.
Investors in a fraudulent scheme established and operated by Alex Hope, who was jailed for seven years in January 2015, will get some of their money returned after a London court ordered Hope to repay the funds, the FCA said in a statement Friday. The majority of the funds will be taken from Hope’s existing accounts and he must pay an additional 166,696 pounds or face almost two more years in jail.
Hope spent about 2 million pounds of investors’ money in a 13-month period leading up to his arrest in early 2012, including 950,000 pounds at casinos and 512,000 pounds at clubs and bars, the FCA said at his trial in 2014. Hope, who worked part-time for a hospitality company helping with food deliveries at sports stadiums, began trading when he opened a personal spread-betting account in 2009.
Hope was found guilty by a jury of one count of fraud in January last year, having previously admitted a charge of operating a collective investment scheme without authorization. This is the largest sum ever returned to victims of crime by the regulator following a prosecution, the FCA said.