Southwark Crown Court has ordered almost £2.65 million to be returned to investors who had invested in a fraudulent collective scheme established and operated by Alex Hope. Mark Steward (pictured), the head of the Financial Conduct Authority's enforcement wing, attributed it to the quick application of freezing orders.

In addition, Mr Hope was made the subject of a Proceeds of Crime Act 2002 confiscation order in the sum of £166,696. He has three months in which to pay up or face a further sentence of 20 months’ imprisonment in default, consecutive to the seven-year sentence imposed upon him in January 2015. Under POCA, no jury allocates confiscations - only a judge, and the payee can only appeal under certain circumstances to another judge who acts on his own with no reference to a jury.

Raj Von Badlo, Hope’s co-defendant, was ordered to pay £99,819 at a hearing on 18 December. The sum represents his benefit from his involvement in the fraudulent scheme. The accomplice was also served with a compliance order that prevents him from leaving the United Kingdom until his confiscation order is satisfied in full.

Judge Taylor said that all the confiscated sums ought to go to the investors who were victims of these crimes. The £2.9 million is approximately 55% of the capital sums that are owed to them. This is the largest sum returned to victims of crime as the result of a British financial regulatory prosecution.