A convicted fraudster who conned investors out of millions of pounds Wednesday pleaded guilty to a charge of perverting the course of justice.
Alex Hope is currently serving a seven-year sentence for a 2015 fraud which saw him run an unauthorised collective investment scheme.
He managed to raise £5.5m from over 100 investors, presenting himself as a talented foreign exchange trader, but used only 12 per cent of the funds in trading. When he did trade, he lost the vast majority of the money. Hope used the proceeds to fund an extravagant lifestyle, including champagne-soaked parties at nightclubs.
Hope used over £2m of the cash to fund his lifestyle, spending over £1m in a casino, over £200,000 on designer watches and shoes, £60,000 on foreign travel, and over £600,000 in bars and nightclubs in London, Miami and New York.
The judge in the original fraud conviction had said Hope had planned a “sophisticated” fraud over a long period of time, inflating reports of his own wealth and reporting trading accounts which replaced catastrophic losses with big profits.
The Financial Conduct Authority successfully argued that Hope “embarked on a course of conduct which had a tendency to pervert the course of public justice”.
After pleading guilty at the Inner London Crown Court today, Hope has been remanded in custody until 15 March, when sentencing will be carried out.
In September 2016 Hope was sentenced to another 603 days in prison for failing to pay the full value of a confiscation order made against him. He had paid only £1,000 of a £166,696 order.