Kelvin Ramirez, Forex Fraud, Texas 2019
Houston, TX – July 19, 2019 – Kelvin Ramirez has been ordered to pay over $2.9 million in restitution and penalties for perpetrating a fraudulent forex trading scheme, the Commodity Futures Trading Commission (CFTC) announced today.
U.S. District Court for the Southern District of Texas entered judgment against Ramirez on July 12, 2019, following a CFTC complaint filed earlier this year on January 14, 2019. Judge Keith P. Ellison found that Ramirez fraudulently solicited over 400 clients to invest in commodity pools, trade forex through managed accounts, and subscribe to his trading education service – ultimately misappropriating their funds.
The court’s order mandates Ramirez pay $735,983.48 in restitution to the defrauded clients, as well as a civil monetary penalty exceeding $2.2 million. He is permanently banned from registering with the CFTC and trading on any CFTC-regulated markets.
According to court findings, Ramirez utilized social media platforms like Instagram and WhatsApp to attract investors. He falsely advertised substantial weekly profits, a lavish lifestyle funded by those gains, and a rapidly growing multi-million dollar bank balance. He also misrepresented the size of his managed forex trading pool, claiming millions in assets under management.
The CFTC alleges Ramirez absconded with over $735,000 collected from clients through these deceptive practices. The agency cautions victims that full recovery of lost funds is not guaranteed due to potential limitations in the defendant's available assets.
The CFTC expressed its commitment to protecting customers and holding perpetrators accountable, acknowledging assistance provided by the St. Vincent and the Grenadines Financial Services Authority in this case. The case was led by CFTC staff members Daniel Jordan, Diana Dietrich, Michael Loconte, Erica Bodin, and Rick Glaser.
The CFTC reminds potential investors to be wary of Forex trading scams, referencing its advisory that highlights warning signs of fraud.
Source: CFTC.gov
Source: https://www.cftc.gov/PressRoom/PressReleases/7980-19