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25 Year Old Who Spent Six-Figures On Single Bottle Of Champagne Had To Get The Money From Somewhere (The Investors He Scammed)

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Remember Alex Pope? British guy, about yea high? Made headlines a couple years ago when he dropped £125,000 on one bottle of champagne at a Liverpool nightclub? Was arrested shortly thereafter "on suspicion of being involved in an unauthorised foreign exchange trading scheme"? Yeah, he was found guilty/is probably going to prison.

A London man who cheated investors out of more than 5 million pounds ($7.6 million) in a fraudulent currency-trading scheme, spending the money at casinos and nightclubs, was found guilty of fraud by a London jury today. Alex Hope took more than 5 million pounds from investors between March 2011 and April 2012, and spent 2 million pounds himself, including 950,000 pounds at casinos, prosecutors said. Hope had already pleaded guilty to operating a collective investment scheme without authorization, the Financial Conduct Authority said in a statement. The 25-year-old “promised fantastic returns but, as is so often the case with unauthorized investment schemes, those who invested ended up with significant losses and the main beneficiary of the scheme was Hope himself,” Georgina Philippou, the FCA’s acting director of enforcement and market oversight, said in the statement.

Fake FX Trader Who Spent Client Cash at Casinos Guilty of Fraud [Bloomberg]



The Government Makes The First Arrests On NFT Scams

We will likely see a lot more of these arrests and prosecutions in the future.