HOUSTON, TX – Kelvin O. Ramirez is facing legal action after the Commodity Futures Trading Commission (CFTC) secured a preliminary injunction against him on January 29th, barring him from further fraudulent activity related to an off-exchange foreign currency (forex) scheme. The injunction, issued by a federal court, also continues a freeze on Ramirez’s assets and mandates the preservation of relevant records, initially ordered on January 15th.
The CFTC’s complaint, filed January 14th in the U.S. District Court for the Southern District of Texas, alleges Ramirez defrauded over 140 clients since at least 2015. He is accused of falsely claiming to manage millions of dollars in assets and generate substantial weekly profits through forex trading, assertions the CFTC says are entirely unsubstantiated. Instead, the agency alleges Ramirez misappropriated client funds.
Ramirez reportedly attracted investors primarily through social media platforms like Instagram and WhatsApp. His solicitations allegedly showcased a lavish lifestyle and promised high returns with minimal risk, all while failing to register as a Commodity Pool Operator or Commodity Trading Advisor as required by law. The CFTC alleges he falsely advertised hundreds of thousands of dollars in weekly profits, a large personal bank balance, and a multi-million dollar trading pool.
James McDonald, CFTC’s Director of Enforcement, emphasized the agency’s commitment to combating fraud, particularly schemes leveraging social media. He urged investors to conduct thorough due diligence before responding to investment solicitations received online.
The CFTC is seeking restitution for defrauded clients, disgorgement of any ill-gotten gains, civil monetary penalties, a permanent ban from trading and registration, and a permanent injunction against future violations of federal commodities laws. The agency received assistance from the St. Vincent and the Grenadines Financial Services Authority during the investigation. The case is being pursued by CFTC staff members Daniel Jordan, Diana Dietrich, Michael Loconte, Erica Bodin, and Rick Glaser.
Source: CFTC.gov
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