The Court of Appeal on Thursday dismissed an appeal against a 2-year prison sentence for Raj Von Badlo (also known as Raj Shastri), an accomplice to Alex Hope in a large-scale investment fraud that cost investors more than £5.5 mill
ion ($8.73 million).
In January 2015, the Southwark Crown Court sentenced Alex Hope, the mastermind of the scheme that promised investors big returns if they entrust him their money to trade on the FX market, to 7 years on counts for defrauding investors of large sums and operating a collective investment scheme without authorization.
Von Badlo was then sentenced to a total of 2 years’ imprisonment for making false representations to investors and promoting a collective investment scheme without authorisation.
The case against Hope and Von Badlo was the first action taken by the Financial Conduct Authority (FCA) against Forex fraud, after it assumed powers from former UK watchdog FSA. The sentence against Hope is the harshest measure ever imposed after an action by the FCA or the FSA.
To view the FCA announcement on the Court of Appeal’s decision on Raj Von Badlo’s case, click here.