Fake FX Trader Spent Client Cash at Casinos, Clubs - News and Current Events | futures io social day trading
futures io futures trading

Fake FX Trader Spent Client Cash at Casinos, Clubs
Updated: Views / Replies:226 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

Fake FX Trader Spent Client Cash at Casinos, Clubs

  #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,884 since Nov 2010
Thanks: 3,303 given, 3,334 received

Fake FX Trader Spent Client Cash at Casinos, Clubs

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.

In a 13-month period leading up to his arrest in early 2012, Hope spent about 2 million pounds of investors’ money, including 950,000 pounds at casinos and 512,000 pounds at clubs and bars, Clarke said. While he did trade some money, most of it resulted in losses, she said.

“The investors had no idea that was what was happening to their money,” she told the jury. “They believed he was holding and trading their money in their interest and for their benefit.”

Hope pleaded guilty to running a collective investment scheme without the regulator’s permission. A second man, 56-year-old Raj Von Badlo, is also on trial, charged with making misleading statements to investors while promoting Hope’s fund.
Criminal Property

Von Badlo told investors he had done due diligence on the fund, had access to Hope’s bank accounts, and was monitoring Hope’s trading activity. Von Badlo and his wife invested about 200,000 pounds of their own money, Clarke said.

“It’s difficult to discern how much Mr. Von Badlo knew about this scheme, even though he was so actively promoting it,” Clarke said. “It seems unlikely that” they would have invested with Hope “if he and his wife knew what was happening with investors’ money,” she said.

Von Badlo, who helped raise about 4.2 million pounds for the fund in exchange for commission, is also charged with transferring criminal property after withdrawing 95,000 pounds from the fund following Hope’s arrest.

Hope, who worked part-time for a hospitality company helping with food deliveries at sports stadiums, began trading when he opened a personal spread-betting account in 2009, Clarke said.

“His first forays were unsuccessful, he suffered large losses,” Clarke said. “Losses were a consistent theme of Mr. Hope’s trading.”

Lawyers for Hope and Von Badlo will argue their case later in the trial. Von Badlo has pleaded not guilty to four charges against him.

Fake FX Trader Spent Client Cash at Casinos, Clubs, FCA Says - Bloomberg

Reply With Quote


futures io > > > > Fake FX Trader Spent Client Cash at Casinos, Clubs

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

Wyckoff Hunting for Great Risk/Reward Ratio w/Gary Fullett

Elite only

Digging into the Details of iSystems w/Stage 5 & iSystems

Jun 5

Similar Threads
Thread Thread Starter Forum Replies Last Post
Phil Ivey sued for cheating casinos out of millions shodson Off-Topic 1 April 14th, 2014 01:06 PM
Herbalife Under Fire: Clubs, Hopes and Losses Quick Summary News and Current Events 0 January 9th, 2013 02:00 PM
Man hides cash in oven; cash gets baked by accident ab456 Off-Topic 0 July 28th, 2012 07:32 AM
Trader Who Spent $300K on night at bar Has Been Arrested kbit News and Current Events 1 April 4th, 2012 09:47 AM
CQG platform (CQG Trader/CQG Integrated Client) Big Mike CQG 91 July 24th, 2011 08:46 AM

All times are GMT -4. The time now is 03:01 PM.

Copyright © 2018 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2018-05-21 in 0.07 seconds with 19 queries on phoenix via your IP