UK’s new regulator FCA takes first action against Forex fraud


Alex Hope and Raj Von Badlo charged with defrauding investors £5 million.

The FCA has charged Alex Hope of Docklands, London and Raj Von Badlo of Bourne End, Buckinghamshire with 10 offences relating to a Forex investment scheme they operated. The FCA has alleged they both bilked over £5 million from investors.

The charges come after the FCA’s predecessor, the Financial Services Authority (FSA) along with City of London Police searched the addresses the men occupied. Both men were arrested and have been released on bail.

This is the FCA’s first action taken against Forex fraud, since it formally came into being earlier this month replacing the FSA, which had been reformed into two entities, the FCA and the PRA, or the Prudential Regulation Authority.

For the entire FCA press release please click here.

For more on the global FX market see the LeapRate-Dow Jones Forex Industry Report.

Related News

arrow

UK's new regulator FCA takes first action against Forex fraud

0

Send this to a friend

Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: