Two rogue traders found guilty of fraud

Carmen Reichman
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Two rogue traders were found guilty and have been sentenced to a combined nine years in prison for defrauding investors and operating a collective investment scheme without authorisation.

Trader Alex Hope received a sentence of seven years at Southwark Crown Court on 30 January after being convicted on 9 January. His co-defendant, Raj Von Badlo, had earlier pleaded guilty for recklessly making false representations to investors and promoting the scheme, and was sentenced to two years' imprisonment. The pair had defrauded more than 100 investors for £5.5m before the scheme, which traded on the foreign exchange market, was closed down by the predecessor to the Financial Conduct Authority (FCA) in April 2012. The FCA found only 12% of the total money from investors was...

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