Fake FX Trader Gets 20 More Months in Jail for Failing to Pay-UpBy
Alex Hope already jailed for seven years for duping investors
Hope spent millions of investor cash at casinos and clubs
A fake foreign-exchange trader already in prison for duping investors out of 5.6 million pounds ($7.3 million) had his jail term extended by nearly 20 months for failing to pay a court-ordered penalty.
Alex Hope had 603 days added to his existing seven-year sentence by a London judge Tuesday after paying just 1,000 pounds of the 166,696 pounds he was ordered to pay back in February, according to the U.K. Financial Conduct Authority.
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. He was found guilty of one count of fraud and jailed in January 2015. A court ordered 2.9 million pounds to be returned to investors from Hope’s accounts earlier this year, plus 166,696 pounds to be paid by Hope.
“The FCA will continue to make sure wrongdoers do not profit from their crimes at the expense of victims," said Mark Steward, the FCA’s director of enforcement and market oversight. "Confiscation orders cannot be ignored and will be enforced.”
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.