Champagne-loving fraudster convicted

The UK’s rogue foreign exchange trader, Alex Hope, was never quite the Wolf of Wall Street, but he sure loved Champagne.

US rapper Jay-Z and Armand de Brignac

The Champagne house Armand de Brignac, owned by US rapper Jay-Z since November, may have lost one of its colourful customers. Last Friday Alex Hope, a foreign exchange trader was found guilty at Southwark crown court of defrauding investors out of £5 million to fund a lavish lifestyle.

The 25 year-old former Wembley stadium catering manager became a minor celebrity in 2012 when he reportedly bought a round for £203,948.80, including a £125,000 Midas of Armand de Brignac, at the Playground nightclub in Liverpool. The following month he was arrested on suspicion of fraud.

Champagne which was carried through the night-club to the theme from 2001: A Space Odyssey. There was also a Methuselah of Champagne, 40 bottles of Armand de Brignac’s Ace of Spades Brut, two bottles of Grey Goose vodka and 42 cans of Pussy energy drink.

Georgina Philippou, acting director of enforcement and market oversight at the Financial Conduct Authority, said: “Using fraud and false promises, Hope took in those who trusted him to invest their money. He promised fantastic returns but, as is so often the case with unauthorised investment schemes, those who invested ended up with significant losses and the main beneficiary of the scheme was Hope himself.”

She added: “There is a reminder for consumers here that unauthorised investment schemes are often incredibly risky and if the promised investment returns seem too good to be true they most probably are.”

The same advice applies to the unregulated and somewhat shark-invested waters of wine investment. Hope and his co-defendant, business partner Raj Von Badlo, are due to be sentenced on Friday.