AdWe Checked All the Forex Brokers. Get The Results & Start Trading Now! Compare The Leading Forex Brokers With Full Licensing And Regulation & Start Trading blogger.com has been visited by 10K+ users in the past month /01/09 · Forex trader Alex Hope found guilty of £5m fraud By: Catherine Neilan Alex AdCFDs on FX, Gold, Oil and more with FxPro! 85% of retail CFD accounts lose money. Low Spreads on Forex & CFDs. Ultra-fast advanced order execution when you trade with FxPro AdStart Trading with one of the leading brokers you choose, easy comparison! We Checked All the Forex Brokers. See The Results & Start Trading Now! The Forex fraudster Alex Hope has been handed a seven year sentence for cheating ... read more
His publicist, who told City A. that Hope denies the allegations, had no further comment when contacted by The Huffington Post. A little more than a week ago, Hope came to HuffPost's offices to talk about his passion for foreign exchange trading and the public's mixed reaction to his nightclub spending spree. Dressed in a sharp navy blue suit and wearing an expensive watch with a pair of white athletic socks, Hope chatted about his meteoric rise to trading stardom, his aversion to the celebrity lifestyle and what it means to "splurge sensibly.
But given recent events, Hope's critics might feel justified in condemning his decadent display of wealth amid a struggling global economy. And the fans who congratulated Hope's success, asking for trading tips via his twitter account , could be having second thoughts.
HuffPost: You taught yourself the Foreign Exchange market. Why do you think you've been so successful? I've worked extremely hard, even when friends are partying on the weekends and this and that.
That wasn't me. I'm not a big-headed person but I believe my psychology is just unbelievable. The way I think, I'm almost like a robot when I trade. Alex Hope: [People] always say 'oh is it gambling? Guessing is gambling, knowing what you're doing equals a calculated risk. If I cross the road and I get knocked over by a bus, that's a gamble I took.
But if I'm about to cross the road, and I look left, I look right and I still get knocked over by a bus, that's OK because I analyzed the situation. That's the difference between trading and gambling. Alex Hope: The reason why I trade foreign exchange and not the stock market is because to make money on the stock market you need to know the insides and what's happening.
That's called insider trading. Really, you don't want to be a part of that because that's obviously illegal. But the currency market is such a big market it's easier to do well because it's easier to predict.
HuffPost: You've had a lot of success and exposure recently. What is it like to be 23 years old and partying with British soccer stars and celebs like Katie Price?
Alex Hope: For me that's not my lifestyle. What I've been doing for the last five years is working and teaching Foreign Exchange. So to go out one night and get so much media attention, it's quite funny. But I'm not starstruck or anything like that, I'm a very humble guy.
There's not many people I idolize because if you concentrate on wanting to be like them, how are you ever going to be like yourself? Alex Hope: I got invited to a club in Liverpool.
There's this big bottle of champagne called Ace of Spades, 30 liters, it's a very unique bottle. People like Jay-Z have bought it. It's specially made in France. I'm not a drinker at all but I've always wanted to buy this bottle. And I thought to myself, 'I never treat myself, I don't have a flashy car, but if I go out let me buy this bottle,' and for me it will be like an achievement thing to say: 'I've done well, I'm having a bit of fun and that's it.
I spent a lot of money at a nightclub for a normal person, but to me it wasn't such a large amount because of the fact that I've done very well in my field. Alex Hope: Yeah, I picked up about 80 percent of that bill. But that unique bottle was something I paid for and was happy to pay for because it's something I really wanted. I think only three or four people in the world have ever bought that, so for me to be the youngest it's like really neat.
I told you, Jay-Z's bought it and to be associated with someone like that just by buying a bottle of champagne is quite nice. Alex Hope: Well, I'd say 90 percent of the comments have been positive A landmark legal prosecution concluded today in the UK, as Alex Hope and his accomplice in investment fraudulent activities Raj Von Badlo also known as Raj Shastri , were both sentenced to prison.
Alex Hope will spend the next seven years in prison, the harshest punishment imposed following prosecution by the Financial Conduct Authority FCA or its predecessor the Financial Services Authority FSA ever. To be more precise, Hope was sentenced to 7 years in prison on counts for defrauding investors of large sums and to 16 months in prison for operating a collective investment scheme without authorization.
Both sentences, however, will be run concurrently. The sentence was passed on January 30, , three weeks after a jury had convicted Hope of fraud. In determining the sentence, the Judge at the Southwark Crown Court, stressed the hefty impact the fraud had had on investors and the lack of remorse displayed by Hope.
Raj Von Badlo got a sentence of 2 years in prison for misleading investors with false statements and to 12 months in jail for promoting a collective investment scheme without authorization. Both sentences will be run concurrently. Alex Hope: Yeah, I picked up about 80 percent of that bill. But that unique bottle was something I paid for and was happy to pay for because it's something I really wanted.
I think only three or four people in the world have ever bought that, so for me to be the youngest it's like really neat. I told you, Jay-Z's bought it and to be associated with someone like that just by buying a bottle of champagne is quite nice. Alex Hope: Well, I'd say 90 percent of the comments have been positive but you're always going to get negative comments like on anything.
It's like Beyoncé. She's a great singer, she has great videos and you have 99 percent good comments but you'll always have one or two people who might say, I don't like it. But that just comes with any territory when you're doing well, to be quite blunt. I've coped with it well so it doesn't bother me. Alex Hope: It's in the millions. My short term goal is to raise quite a lot of money.
Forty, fifty million would be great in the next five to ten years. For someone my age in the UK, I'm doing very, very well. HuffPost: You tweeted a link to a personal finance article by Bankrate. com last week that advised people to 'splurge sensibly.
Alex Hope: Splurge is such a unique word isn't it? You can look at it from a good sense or a bad sense but splurging is obviously spending and it's about spending responsibly. I like to buy clothes, I'll admit I'm a shopaholic.
There's nothing wrong in that. HuffPost: What are you going to do for your 24th birthday? Another bottle of Ace of Spades? Alex Hope: Nah, I think I'll come [to New York] and have a quiet one at a restaurant.
I'll go to like Lavo or Tao , somewhere like that. Check below to see the different sides of trader, partier and now suspect, Alex Hope:. Skip to Main Content ×. Main Menu U. News U. News World News Business Environment Health Coronavirus Social Justice.
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Follow Us. Part of HuffPost Business. All rights reserved. Here's what Hope had to say when he visited HuffPost last week, before the arrest news broke. HuffPost: So luck doesn't come into the equation?
HuffPost: What happened the night you bought the Ace of Spades? HuffPost: What's your response to all the criticism?
Alex Hope, the year-old trader who famously spent £, on a single bottle of champagne, was today convicted of fraud totalling more than £5. Hope had previously admitted operating a collective investment scheme without authorisation. The scam, which has been likened to a Ponzi scheme, claimed to make large returns for investors from the profits of his forex trading.
Between March and April he took more than £5m from investors, spending more than £2m on himself. Hope offered investors returns of up to per cent in just a few months. He lost more than £, of the £, held in his trading accounts. Today at the Southwark Crown Court Judge Taylor found him guilty by a jury of one count of fraud. He promised fantastic returns but, as is so often the case with unauthorised investment schemes, those who invested ended up with significant losses and the main beneficiary of the scheme was Hope himself.
Hope and co-defendent Raj Von Badlo, also known as Raj Shastri, will be sentenced on 16 January The FCA will instigate confiscation proceedings against both defendants. Von Badlo had previously pleaded guilty to recklessly making false representations to investors and promoting a collective investment scheme without authorisation.
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AdCFDs on FX, Gold, Oil and more with FxPro! 85% of retail CFD accounts lose money. Low Spreads on Forex & CFDs. Ultra-fast advanced order execution when you trade with FxPro Forex fraudster Alex Hope gets 7-year jail term Maria Nikolova January 30, pm A Forex trader Alex Hope found guilty of £5m fraud By: Catherine Neilan Alex Hope, the 25 Apr 4, , PM EDT | Updated Apr 4, In March, year-old UK Foreign /01/09 · Forex trader Alex Hope found guilty of £5m fraud By: Catherine Neilan Alex The Forex fraudster Alex Hope has been handed a seven year sentence for cheating ... read more