A bogus foreign exchange trader was on Friday handed the longest-ever sentence given as the result of a prosecution by the Financial Conduct Authority or its predecessor, having been found guilty earlier this month of defrauding clients of over £5 million.

Alex Hope was handed a seven-year prison term at Southwark Crown Court, having been found guilty on January 9, 2015 of defrauding investors of significant sums and operating a collective investment scheme without authorisation. Hope pleaded guilty to operating a collective investment scheme without a license in April last year.