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.

Before it's here, it's on the Bloomberg Terminal.