Atlanta, GA – Kevin Perry and his company, Lucrative Pips Corporation, are facing severe penalties following a default judgment entered by the U.S. District Court for the Northern District of Georgia. The Commodity Futures Trading Commission (CFTC) brought the enforcement action alleging a fraudulent forex trading scheme that bilked over 50 clients out of nearly $700,000.
The court ordered Perry and Lucrative Pips to pay $694,799 in restitution to the victims of the scheme. In addition to restitution, the defendants were assessed a civil monetary penalty exceeding $2 million. The judgment permanently prohibits Perry and the company from violating the Commodity Exchange Act (CEA), and bars them from registering with the CFTC or trading on any CFTC-regulated markets.
The CFTC initially filed its case on September 28, 2018, presenting evidence that Perry falsely guaranteed prospective investors their initial funds were protected against trading losses. He allegedly claimed accounts would grow by 200% to 350% within 60 days. When investors attempted to withdraw funds, the defendants reportedly provided false explanations for the delays and ultimately failed to return the money.
A parallel criminal case against Perry is also underway in the Northern District of Georgia (Case No. 1:18-cr-00486-WMR-AJB-1), charging him with one count of wire fraud. That case remains pending before Judge William M. Ray, II.
The CFTC has cautioned victims that recovery of funds through restitution orders is not guaranteed, as wrongdoers may lack sufficient assets. The agency stated it remains committed to protecting customers and holding perpetrators accountable. The case was led by CFTC staff members Jason Gizzarelli, Traci Rodriguez, Patricia Gomersall, and Paul Hayeck.
The CFTC also reminds potential investors to be wary of forex trading scams, highlighting a recent surge in such fraudulent activities and offering resources to identify warning signs.
Source: CFTC.gov
Related Federal Cases
- Gregory L. Crabtree and James M. Donnan, III, Ponzi Scheme, Georgia… · Indiana
- Unidentified Banker Charged with $5M Fraud Scheme, USA, 2023 · New York
- Monterey Finance, Predatory Lending Scheme, New York NY, 2023 · New York
- Marc Henry Menard, Investment Fraud Scheme, Mineola NY, 2023 · Pennsylvania
- Shaquandra Woods, Georgia Drug Ring Leader, Savannah GA, 2023 · Georgia
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News