Key Takeaways
- • Faisa Ali, 34, of Radford, pleaded guilty to fraud by false representation and was sentenced at Nottingham Crown Court on Monday 26 October 2026 to three years in custody, suspended for three years, plus 300 hours of unpaid work.
- • Ali ran Alpha Financial Holdings, a crypto investment scheme that operated from 18 October 2021 to 22 March 2023, taking money from investors under guarantees that their capital could not be lost.
- • Bank statements show Ali spent roughly £248,000 of investor funds on jewellery (£76,140.85), travel (£40,845.39), home improvements (£65,183.85), vehicles (£41,625.00) and fast food (£24,030.05).
- • Twenty-three victims provided witness statements with losses exceeding £200,000, with almost all victims from Somali communities in Nottingham, Sheffield, Birmingham and London.
- • A Proceeds of Crime Act hearing will be held at a later date and could result in Ali being stripped of cash and assets.
Summary
Nottingham Crown Court sentenced Faisa Ali, 34, of Radford, after she pleaded guilty to fraud by false representation, according to Nottinghamshire Police. Ali had solicited funds from a large number of investors for her crypto business, Alpha Financial Holdings, and guaranteed that their money could not be lost. In March 2023, she sent a text message to the investor WhatsApp group saying she had made poor decisions and lost all of their money.
Police said Ali was aware that the value of almost all cryptocurrencies had fallen sharply and consistently across the 18-month period she operated the scheme, yet continued to use new investors' money to fund a luxury lifestyle. Bank statements covering the offending period of 18 October 2021 to 22 March 2023 show spending of £76,140.85 on jewellery, £40,845.39 on travel, £65,183.85 on home furnishings and improvements, £41,625.00 on vehicle purchases and payments, and £24,030.05 on fast food.
Twenty-three victims provided witness statements, with combined losses exceeding £200,000. Almost all were from Somali communities in UK cities including Nottingham, Sheffield, Birmingham and London, and one victim alone lost more than £40,000. The investigation began after Ali contacted police when angry investors who had lost money arrived at her home address.
She received a custodial sentence of three years, suspended for three years, and was ordered to complete 300 hours of unpaid work. A Proceeds of Crime Act hearing, which could strip Ali of any cash and assets, will take place later.
Detective Constable Simon Jones of Nottinghamshire Police's fraud unit said many victims were not wealthy, with some having borrowed money to invest, and that years of savings had been wiped out for many. Police noted that investment fraud remains one of the fastest-growing crime types in the country, and that criminals stole £879.8m through investment fraud nationally last year, an average of £2.4m a day. Authorities advised investors to avoid rushed decisions, seek independent advice, and check firms against the FCA Financial Services Register, warning that unregulated firms may fall outside Financial Ombudsman Service coverage.
Police said Ali was aware that the value of almost all cryptocurrencies had fallen sharply and consistently across the 18-month period she operated the scheme, yet continued to use new investors' money to fund a luxury lifestyle. Bank statements covering the offending period of 18 October 2021 to 22 March 2023 show spending of £76,140.85 on jewellery, £40,845.39 on travel, £65,183.85 on home furnishings and improvements, £41,625.00 on vehicle purchases and payments, and £24,030.05 on fast food.
Twenty-three victims provided witness statements, with combined losses exceeding £200,000. Almost all were from Somali communities in UK cities including Nottingham, Sheffield, Birmingham and London, and one victim alone lost more than £40,000. The investigation began after Ali contacted police when angry investors who had lost money arrived at her home address.
She received a custodial sentence of three years, suspended for three years, and was ordered to complete 300 hours of unpaid work. A Proceeds of Crime Act hearing, which could strip Ali of any cash and assets, will take place later.
Detective Constable Simon Jones of Nottinghamshire Police's fraud unit said many victims were not wealthy, with some having borrowed money to invest, and that years of savings had been wiped out for many. Police noted that investment fraud remains one of the fastest-growing crime types in the country, and that criminals stole £879.8m through investment fraud nationally last year, an average of £2.4m a day. Authorities advised investors to avoid rushed decisions, seek independent advice, and check firms against the FCA Financial Services Register, warning that unregulated firms may fall outside Financial Ombudsman Service coverage.
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