ORLANDO, FL – Carlos Javier Ramirez, along with his companies Gold Chasers, Inc., and Royal Leisure International, Inc., are facing federal charges for a multi-million dollar gold fraud scheme, according to a complaint filed by the U.S. Commodity Futures Trading Commission (CFTC) in Florida. The CFTC alleges the defendants misappropriated customer funds and engaged in fraudulent sales solicitations related to the purported purchase of physical gold.
The scheme, operating from at least February 14, 2012, through January 31, 2016, targeted at least 20 customers in the U.S., Puerto Rico, and internationally. Ramirez and his companies allegedly fraudulently obtained over $4.1 million from investors, with approximately $3.95 million being misappropriated. The CFTC claims the defendants also operated a Ponzi scheme, paying early investors with funds from new customers.
Defendants lured investors with promises of discounted gold, claiming to purchase it at lower prices from mines in Central and South America. However, the CFTC alleges they never actually purchased the gold they promised to sell. Further false claims included tying gold prices to the London Bullion Market Association, guaranteeing physical possession of gold bars, and offering a “20% free bonus” payable in gold – all demonstrably false, according to the complaint.
To conceal the fraud, the defendants allegedly issued phony invoices and account statements to customers. The CFTC is seeking restitution for defrauded customers, disgorgement of ill-gotten gains, a civil monetary penalty, permanent registration and trading bans, and a permanent injunction against future violations of federal commodities laws.
The CFTC received assistance from the Internal Revenue Service, Criminal Investigation, during the investigation. Glenn Chernigoff, Michael Loconte, Michael Solinsky, and Rick Glaser of the CFTC’s Division of Enforcement led the case. Customers who suspect they may have been targeted by this scheme are encouraged to report suspicious activity to the CFTC via its toll-free hotline or online complaint system.
Source: CFTC.gov
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