UK Regulator FCA Charges Two for £5 million Forex Investment Fraud

First impressions count an the newly formed FCA seems to be taking this to heart as it continues to play 'big brother' in the UK financial markets.

The Financial Conduct Authority (FCA) has charged Alex Hope of Docklands, London and Raj Von Badlo of Bourne End, Buckinghamshire with a total of ten offences relating to an unauthorised investment scheme they promoted and operated.

The scheme purported to carry out Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term trading for the benefit of investors and is believed to have taken over £5 million from investors.

The charges follow searches of addresses occupied by the two men that were conducted by the Financial Services Authority with the assistance of the City of London Police in April and May 2012. Both men were arrested at the time of, or shortly after, the searches being conducted.

Both men have been bailed to attend City of London Magistrates Court.