Your IndustryMar 26 2018

Forex fraudster jailed again over Rihanna tickets

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
Forex fraudster jailed again over Rihanna tickets

A fraudster has been jailed for another 16 months after he bought tickets for a Rihanna concert while on day release.

Alex Hope had already been sentenced to seven years' imprisonment in 2015 for defrauding more than 100 investors of more than £5.5m.

He had been operating a collective investment scheme without authorisation, promising people their money would be invested on foreign exchange markets to generate large returns but was actually using the cash to fund a lavish lifestyle.

But while serving this sentence at HMP Ford in West Sussex Hope was allowed out of prison on day release to attend a work placement in central London and it was then that the breached a restraint order.

A court heard that while on day release Hope opened five new bank accounts which receive more than £75,000 and was mainly withdrawn in cash or used to fund his lifestyle.

He used the money to buy tickets to events in London including a Rihanna pop concert and an Anthony Joshua boxing fight.

The court heard Hope, who was required to disclose his financial position to the Financial Conduct Authority and Crown Court but did not, had repeatedly misled the regulator.

During his original trial it emerged Hope had used investors money to buy Rihanna a champagne at a Mayfair nightclub.

At Southwark Crown Court, Judge Taylor said his offending had been "blatant and repeated".

Mark Stewart, executive director of Enforcement and Market Oversight at the FCA, said: "Mr Hope repeatedly misled the courts and the FCA, concealing monies that should have been used to compensate the victims of his crimes.

"Throughout the course of proceedings, he has shown contempt not only to the court, but also those he has harmed. Today’s outcome sends a clear message. We will continue to pursue wrongdoers and hold them fully to account."

In February 2016 a confiscation order of £166,696 was made against Hope and a court ordered all monies confiscated from him to be used to compensate the victims of his crimes, with an additional £2.65m held in his bank and trading accounts to be returned to investors.

 

But by September 2016 he had paid just £1,000 of his confiscation order and had 603 days added to his prison sentence.

Hope was released from prison on 30 November 2017 and arrested and charged with perverting the course of justice, appearing before Camberwell Green Magistrates’ Court later that day. He has been remanded in custody since then.