Alleged Fraud Sprays £32,000 of Champagne at Night Club

Accused of cheating £5.5 million from many investors through ponzi scheme, 25-year-old foreign currency trader, Alex Hope is said to have sprayed about £32,000 of champagne in a nightclub. The act, which was filmed and uploaded, has now earned him the title ‘King Popper.’

The jurors, who were shown the video of Hope’s celebrations, described his spending as ‘eye-watering.’ It is alleged that a part or whole of the money he is spending on his lavish lifestyle represents investor’s money that he collected through his ponzi scheme.

The lifestyle

Alex HopeApart from the incident of spraying £32,000 pound worth of Champaign at Grange hotel, there are various other instances to prove his uncontrolled spending. He is said to have spent around £50,000 on a Midas-sized bottle of Ace of Spades Champaign, while partying at Liverpool’s Playground Hilton. Yet another time, he spent about £65,000 in a single night at Aura nightclub in Mayfair and funnelled about £1 million to the Palm Beach Casino.

The beach is said to be one of the most exclusive casinos in Mayfair and was visited by Hope more than 80 times before his arrest. Hope also regularly went for luxurious trips when he visited cities such as New York, Miami and Dubai. His stay at a beach front resort in Miami cost him £130,000 and his expenses for a night at Dubai’s Cirque du Soir sums up to about £39,000.

The fraud

A retired teacher who gave statement against him, Christopher Millard, said he ploughed £25,000 into Hope’s scheme and lost more than half of it. Hope had earlier told Miller that he is a man of word and has never failed paying anyone. Victims of Hope’s alleged fraud also include Jamaican international football player Marvin Elliot, who had pledged and lost his investment of £50,000. Prosecutor Sarah Clarke remarked that Hope’s schemes were nothing but fraud, though the accused has denied the charges of fraud. He has, however, pleaded guilty of carrying a regulated activity without FSA approval.

Financial Services Authority intervened on suspecting fraudulence around his Forex fund and soon arrested him. King Popper’s future remains unclear as trial continues.