£950,000 ($1.6m) was paid to a casino, £512,000-odd ($860,000) spent in nightclubs and bars.
A young trader used investors’ cash as his ‘personal piggy-bank’ and blew more than £500,000 in exclusive nightclubs, a court heard yesterday.
A former Wembley stadium catering manager, he reinvented himself as a currency markets expert and claimed to have spent £125,000 on one bottle of Ace of Spades champagne.
After suspicions around his Forex fund grew, City of London police officers raided Hope’s flat in east London’s Docklands and arrested him, Southwark Crown Court heard.
Prosecutor Sarah Clarke said: 'This was not a successful trading scheme. In fact, in truth this was not a real trading scheme at all...it was a classic Ponzi fraud.
'He used their (investors') funds in fact as his personal piggy-bank. A massive amount was spend on himself.
‘Personal expenditure was in the region of £2m in that period. £950,000 was paid to a casino, £512,000-odd spent in nightclubs and bars'.
Hope denies fraud.
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