CarlosJavier Ramirez of Florida has been ordered to pay over $8 million in restitution and penalties for defrauding customers through two companies, Royal Leisure International, Inc. (RLI) and Gold Chasers, Inc. (GCI). The judgment, issued by a Florida federal court on February 5th and announced by the Commodity Futures Trading Commission (CFTC) on March 4, 2019, stems from a complaint filed in the U.S. District Court for the Middle District of Florida on February 13, 2017.
Judge Roy B. Dalton, Jr. found that Ramirez, along with RLI and GCI, misappropriated customer funds and engaged in fraudulent sales solicitations related to the purported purchase of physical gold. The defendants obtained nearly $3 million from customers, utilizing a Ponzi scheme to pay false profits to some investors while misappropriating over 90 percent of the total funds.
Specifically, Ramirez and RLI were ordered to make restitution of $1,980,858 and pay a civil monetary penalty of $5,942,574. Ramirez and GCI were ordered to make restitution payments of $761,831 and pay a penalty of $2,285,493. In addition to the financial penalties, the court imposed trading, solicitation, and registration bans on the defendants, along with a permanent injunction prohibiting future violations of federal commodities laws and regulations.
The CFTC warns that restitution orders do not guarantee full recovery of lost funds, as wrongdoers may lack sufficient assets. The agency stated it will continue to pursue accountability for those who harm customers in the commodities markets. The Internal Revenue Service, Criminal Investigation, cooperated with the CFTC in this matter.
Glenn Chernigoff, Michael Loconte, Michael Solinsky, and Rick Glaser of the CFTC Division of Enforcement were responsible for the case.
Source: CFTC.gov
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