Financial Conduct Authority
Alex Hope sentenced for failing to pay confiscation order
Alex Hope was yesterday (27 September 2016) sentenced to 603 days’ imprisonment for failing to pay the full value of a confiscation order made against him.
The Confiscation Order in the sum of £166,696 was made on 12 February 2016 at a hearing before Her Honour Judge Taylor at Southwark Crown Court. The period afforded to Mr Hope to satisfy the Order expired on 12 May 2016. As of yesterday’s date, Mr Hope has paid just £1,000 in satisfaction of the Order.
The sentence imposed yesterday is in addition to the term of 7 years’ imprisonment that Mr Hope received on 30 January 2015.
Mark Steward, Director of Enforcement and Market Oversight, said:
“The FCA will continue to make sure wrongdoers do not profit from their crimes at the expense of victims. Confiscation orders cannot be ignored and will be enforced.”
On 9 January 2015, Mr Hope was convicted of defrauding investors of significant sums, having previously pleaded guilty to operating a collective investment scheme without authorisation. In total, over 100 investors entrusted Mr Hope with over £5.5 million on the promise that their funds would be used to generate substantial returns by his trading on the foreign exchange markets. In reality, only 12% of the total sum investors gave was ever traded and when Mr Hope did trade, he lost almost all of the money in his trading accounts.
As a result of the work of the FCA, almost £2.65 million was identified and frozen in accounts controlled by Mr Hope, which was returned to investors earlier this year. Mr Hope spent a significant proportion of the remainder of the funds on a lavish lifestyle, including gifts to family and friends. Under the Proceeds of Crime Act 2002, the value of tainted gifts can be recovered and Mr Hope was ordered to pay a sum equal to the value of the gifts he made to friends and family.
All money recovered from Mr Hope will be used to compensate the victims of his crimes.
Notes to editors
- The default sentenced was passed on 27 September 2016 at a hearing at the City of Westminster Magistrates’ Court.
- As of yesterday’s date, a total of £5,018.97 has accrued in interest and interest will continue to accrue at the daily rate of £36.32 on the outstanding balance.
- Even after having served the sentence in default of payment, Mr Hope will continue to be liable for the outstanding debt.
- We previously published a press release relating to the sentencing of Alex Hope and a press release relating to Alex Hope’s Confiscation Order.
- The Confiscation Order of £99,819 imposed against Mr Hope’s co-defendant, Raj Von Badlo on 18 December 2015 has been paid in full.
- The FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA) on 1 April 2013.
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more about the FCA.
Latest News from
Financial Conduct Authority
Capita Financial Managers to pay up to £66 million for the benefit of investors in the Connaught Income Fund, Series 113/11/2017 11:10:00
The Financial Conduct Authority recently announced that Capita Financial Managers Limited (CFM) has been publicly censured and will pay up to £66 million to those investors who suffered loss as a result of investing in the Guaranteed Low Risk Income Fund, Series 1 (or as it became later known, the Connaught Income Fund, Series 1) (“the Fund”), which is now in liquidation.
FCA decides to ban Tom Hayes10/11/2017 10:15:00
The Financial Conduct Authority (FCA) has decided to prohibit Tom Hayes from performing any function in relation to any regulated activity in the financial services industry.
FCA launches Wholesale Insurance Brokers Market Study10/11/2017 09:15:00
The Financial Conduct Authority (FCA) has launched a market study to assess how competition is working in the wholesale insurance broker sector. The FCA wants to ensure that the sector is working well, and fosters innovation and competition in the interests of its diverse range of clients.
FCA publishes Future Approach to Consumers06/11/2017 14:05:00
The Financial Conduct Authority (FCA) has today published its ‘FCA Mission – Our Future Approach to Consumers’.