On January 9, 2014, Alex Hope was found guilty of fraud for operating an investment scheme without authorization. Mr Hope claimed to be making large returns for investors by trading their money on the foreign exchange market. He was found to have taken over £5 million of investor money and to have used over £2 million of it for personal expenditure. He appeared to be a successful trader whilst in reality he was making heavy losses. Raj Von Badlo, Mr Hope’s co-defendant, pleaded guilty in July last year to recklessly making false representations to investors and promoting a collective investment scheme without authorization. Both individuals will be sentenced on January 16, 2015.