Which would you prefer… $230,000 or a 30 liter bottle of champagne?
Apparently, someone chose a 30 liter champagne instead of $230,000 but here’s the thing…it was he who spent that money on that bottle of champagne.
But that’s not all…apparently, that money was not his after all.
That guy cheated investors out of £5 million ($A9.3 million) between March 2011 and April 2012 was found guilty last week over the fraudulent currency trading scheme
That guy is Alex Hope an fx trader from London, UK.
Now, lets do the math:
$230,000 divided by 30 liters=$7,666.66 per liter.
Oh well 🙂
IF THERE WAS AN AWARD FOR GETTING YOURSELF TO JAIL, THIS GUY WOULD BEAT ANYBODY PANTS DOWN!
Isn’t life more exciting with such stupidity like this? But its not exciting for those investors who lost millions to this fraudster.
Here’s a summary:
- Alex Hope cheated investors out of £5 million ($A9.3 million) between March 2011 and April 2012 was found guilty last week over the fraudulent currency trading scheme.
- How did he get caught? Dropping £125,000 ($A230,000) on a bottle of champagne at a Liverpool nightclub probably had something to do with it.
- Alex Hope, 25, was arrested shortly after the expensive round of drinks “on suspicion of being involved in an unauthorised foreign exchange trading scheme”.
- Prosecutors alleged he spent £2 million ($A3.7 million) on himself, including £950,000 ($A1.8 million) at casinos.
- Hope had told investors he could make a 100 per cent return in just a few months by trading on foreign exchange markets, but in reality his trading was heavily loss-making. He lost more than £500,000 ($A930,000) of the £650,000 ($A1.2 million) held in his trading accounts, the UK’s financial watchdog, the Financial Conduct Authority said.
THIS WAS HIS RECEIPT…YES, THAT’S 125,000 POUNDS RIGHT THERE
HERE’S WHAT’S BEEN REPORTED
Georgina Philippou, Acting Director of Enforcement and Market Oversight at the FCA, said Hope used “fraud and false promises” to take in those who trusted him.
“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.”
He had already pleaded guilty to operating a collective investment scheme without authorisation, according to the FCA.
“There is a reminder for consumers here that unauthorised investment schemes are often incredibly risky and if the promised investment returns seem too good to be true they most probably are,” Philippou added.
“Securing the conviction of Hope demonstrates the FCA’s commitment to achieving our objectives of protecting consumers and enhancing the integrity of the financial system.”
Hope’s co-defendant, Raj Von Badlo, earlier pleaded guilty to an offence of recklessly making false representations to investors and a further offence of promoting a collective investment scheme without authorisation.
Both men will be sentenced this Friday 16 January.
Oh, well Mr. Hope, looks like there’s no “hope” for you from avoiding jail…
Source:http://www.news.com.au/finance/business/currency-trader-who-blew-230000-on-30-litre-bottle-of-champagne-convicted-of-fraud/story-fnkjidjt-1227185510126
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