City Regulators Arrest City Trader

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6:40am UK, Thursday April 05, 2012

A currency trader who hit the headlines for spending £125,000 on a single bottle of champagne has been arrested by City regulators.
Alex Hope, 23, who promotes himself as a foreign exchange expert, was held over a suspected unauthorised foreign exchange scheme.

Hope, who has a flat in east London's Docklands, gained significant publicity last month after he apparently splashed £200,000 on drinks at a Liverpool nightclub.

The bar bill was said to have included a £125,000 on a Nebuchadnezzar bottle of Armand de Brignac champagne.

He has created his own YouTube showreel, in which he tells the camera: "You don't see a lot of people my age in the City doing what I do.

"And I feel I have got a lot of good opinions of the markets, as well, which you don’t hear from people my age."

On the video he describes himself as "definitely ambitious", adding: "My goal isn't just to make a lot of money for myself and set up a business but to also create jobs for others."

He has claimed he discovered his interest in currency trading while still a teenager and working at Wembley Stadium.

The Financial Services Authority said it, assisted by the City of London Police, searched an address in east London on Tuesday and arrested a man on suspicion of offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006.

An FSA statement said: "No one has been charged at this stage in connection with the FSA's investigation, which is ongoing.

"No further details can be confirmed at this time. The arrest is not linked to any other FSA investigations."

A message on Hope's website, alexhopefx.com, says it has been suspended.