Fake FX Trader Spent Client Cash at Casinos, Clubs, FCA Says
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A 25-year-old man from London cheated investors out of 5.6 million pounds ($9.4 million) in a fraudulent currency-trading scheme, spending the money at casinos and nightclubs, the U.K. markets regulator said.
Alex Hope used investors’ money “as his own personal piggy bank,” Sarah Clarke, a lawyer for the Financial Conduct Authority, said at the first day of trial in London today. Hope, formerly a part-time catering assistant, is charged with fraud.