Police investigate trader who led luxury lifestyle as he lost thousands

The website of Morgan Reeve's company, Morgan FX, showing the luxury lifestyle investors could lead.

The website of Morgan Reeve's company, Morgan FX, showing the luxury lifestyle investors could lead. Image: MorganFX.co.uk - Credit: Archant

A dozen investors have come forward to police about a trading scheme run by a teenager in west Norfolk which lost thousands of pounds.

As revealed by this newspaper in 2019, Morgan Reeve, from Hunstanton, set up a company called Morgan FX Limited to trade in foreign currencies.

Foreign exchange traders, known as Forex, bet on movements in the value of a currency and it can lead to huge gains - as well as huge losses.

But the company never had a bank account and instead he invested customers' money through his own online trading account, text messages sent to one investor show.

He bragged on Instagram about how his activities were funding a luxury lifestyle and several local businessmen invested thousands of pounds with him.

However, a complaint was made to Action Fraud which was referred to Norfolk Police in 2019.

A police spokesman said 13 people had now come forward with allegations which are under investigation and enquiries are continuing.

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Some of those people contacted police after this newspaper's report. 

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