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.

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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.



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