Remember when a young London trader named Alex Hope made headlines for ringing up the most expensive bar tab in the world? In news that shocks no one, he’s been arrested for unauthorized trading.
The Financial Services Authority (FSA) said a 23-year-old had been arrested on suspicion of committing offences under the FSA Markets Act 2000 and the Fraud Act 2006. No one has been charged with an offence.
I predicted Hope would blow out and be living under a bridge within two years due to taking extreme risks, but this is equally as good. As a trader myself, I love seeing a scumbag (allegedly) go to jail. I’ve busted my ass to turn a profit, and only found moderate success. Plus, all my efforts to get into insider trading have been rejected so I’m a little bit bitter. It turns out you really can’t just walk around and ask people for illegal tips. Who knew?
There aren’t many details about the arrest yet, and not surprisingly, Hope is staying quite. Word on the street is that he was executing trades that he didn’t have the authority to make. In any case, I think it’s a safe bet that he won’t be splashing cash around clubs anytime soon. The question is, who will be the next person to drop $200k on the “Ace of Spades.”