Atlanta, GA – Kevin Perry, founder and CEO of Lucrative Pips Corporation, is facing charges of commodity fraud and misappropriation following a CFTC enforcement action filed in the U.S. District Court for the Northern District of Georgia. The agency alleges Perry and his company ran an off-exchange foreign currency (forex) scheme that defrauded at least 30 customers out of at least $400,000.
According to the CFTC complaint, Perry and Lucrative Pips Corporation began soliciting funds from customers in December 2016, making false and misleading claims about their forex trading strategy and potential returns. They allegedly promised investors account growth of 200% to 350% within sixty days, and falsely guaranteed against trading losses on initial deposits.
However, the CFTC alleges that Perry did not engage in successful forex trading. Instead, the $400,000 in customer funds was either lost through unsuccessful trades or directly misappropriated. The scheme involved soliciting money under the pretense of profitable trading when, in reality, customer funds were at risk.
The CFTC is seeking a range of penalties, including disgorgement of ill-gotten gains, civil monetary penalties, restitution for the defrauded customers, and permanent trading and registration bans for Perry. They also request a permanent injunction to prevent further violations of the Commodity Exchange Act. The agency acknowledged assistance from the St. Vincent and the Grenadines Financial Services Authority in the investigation.
Jason Gizzarelli, Patricia Gomersall, Hillary Van Tassel, Traci Rodriguez, and Paul Hayeck of the CFTC’s Division of Enforcement are leading the case. The CFTC has issued warnings about the increasing prevalence of forex trading scams and encourages potential investors to be aware of the warning signs of fraud.
Source: CFTC.gov
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