Forex scammer in US Court Net Fined $3 million

Reports this month have revealed that the US Federal Court have ordered Kevin O. Ramirez to pay a fine of almost $3 million for fraudulent solicitation of funds and misappropriation of funds.

The reports came from the US Commodity Futures Trading Commission (CFTC) in July. The Commission had charged a forex trader based in Texas for a suspected investment fraud. The charges had come after investigation on social media found that the accused had issued false claims on Instagram and WhatsApp. The suspect had swindled more than 400 victims and have been mandated to pay back a sum of $2,935,983.48.

HAVE YOU BEEN SCAMMED? If you have lost your money to online scammers, there is an opportunity you could get back your money.

Click HERE to start the recovery process

The Scam

It was revealed in the course of the scam case that the defendant had sold a fake software to his victims. The software was supposed to somehow double the victims’ investments. The software came at a price of $250 monthly. He also offered them other trading advises on a personal level that for a price of $25,000. Mr. Ramirez deceived them into believing that the money they deposited were being traded and increased by himself. Others believed that they were investing in a signal service created by the scammer.

The matter came to a head when his clients discovered that instead of buying contracts as was ordered, Ramirez spent the money on his own company and other personal projects.

The fine comes with another condition that Ramirez is not to be found running any scam again. Or any behavior that is contrary to the US Commodity Exchange Act or he is to face further consequences.

Although the CFTC goes a long way in ensuring that US Forex brokers do not step out of line, it warns citizens and others to ensure that they are careful where they invest their money. This is because, the Commission does not guarantee that all their losses can be recovered in full.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

DID YOU KNOW!! Most Autotrading softwares or robots claiming to turn you into a millionaire overnight are SCAMS. If you are in need of a legitimate software or robot that can help you trade profitably, see our recommendation HERE

To recover your money from Scam Forex, Binary Options and Cryptocurrency brokerage or signals. Fill the form below to get help

powered by Typeform

Leave a Reply

avatar
  Subscribe  
Notify of