Kenzley Ramos, Commodities Fraud, Texas 2023

A notorious trader who convinced investors to 'profit off' the COVID-19 pandemic has been charged with commodities fraud, announced U.S. Attorney for the Northern District of Texas Erin Nealy Cox.

Kenzley Ramos, 27, of Lawrenceville, Georgia, was indicted on one count of commodities fraud for allegedly stealing investors' funds, according to a federal grand jury indictment unsealed on Friday.

About the same time the nation's stock markets were plummeting in the spring of 2020 due to the threat of COVID-19, Ramos used a classified advertisements website to tout himself as a skilled foreign currency exchange, or 'forex,' trader.

Ramos preyed on the public's concerns surrounding the pandemic, telling prospective investors that the 'stock market is crumbling' and inviting them to 'profit off the coronavirus with forex.' He claimed 'guaranteed' returns as high as 300 percent, but instead of investing, he allegedly misdirected investors' funds to his own personal use.

Ramos surrendered to federal authorities in Atlanta on Friday morning and made his initial appearance in federal court on Friday afternoon. If convicted, he faces up to 25 years in federal prison.

The Federal Bureau of Investigation's Dallas Field Office conducted the investigation with the assistance of the Commodity Futures Trading Commission (CFTC) and the Texas State Securities Board (TSSB). Assistant U.S. Attorney Fabio Leonardi is prosecuting the case.

An indictment is merely an allegation of criminal conduct, not evidence. Like all defendants, Ramos is presumed innocent unless and until proven guilty in a court of law.

Source: https://www.justice.gov/usao-ndtx/pr/sham-trader-who-urged-investors-profit-pandemic-charged-commodities-fraud