FORT LAUDERDALE, FL – Robert Tripode of Boynton Beach, Florida, has been slapped with a hefty penalty and trading ban for his role in a $1.4 million forex fraud, the Commodity Futures Trading Commission (CFTC) announced February 4, 2016. A federal court in Fort Lauderdale issued a Consent Order requiring Tripode to pay $170,716.01 in restitution and a civil monetary penalty of the same amount.
The order, entered January 29, 2016, by Judge William P. Dimitrouleas of the U.S. District Court for the Southern District of Florida, found that Tripode personally profited $170,716.01 from the fraudulent scheme while working as an agent for Forex Monthly Income Fund (FMIF). The case originated from a CFTC enforcement action filed September 30, 2014, which also targeted FMIF and its principals, Jean Chauvel and Renaud Pierre-Charles.
According to the court, from January 2011 through at least June 2013, FMIF fraudulently solicited over $1.4 million from the public, promising safe investments and guaranteed returns in the foreign currency (forex) market. Investigators found that FMIF never actually engaged in forex trading; instead, the operation was a sham used to misappropriate approximately $1,041,000 from investors. Tripode personally solicited at least 24 of the victims, some of whom were elderly and considered unsophisticated investors.
The court previously entered a Default Judgment Order against FMIF, Chauvel, and Pierre-Charles on February 11, 2015, ordering them to pay $1,008,705.41 in restitution and a $3,026,116.23 civil penalty. The latest order permanently bans Tripode from trading and registering with the CFTC, and prohibits any further violations of the Commodity Exchange Act and CFTC Regulations.
The CFTC reminds potential victims that restitution orders do not guarantee the recovery of lost funds, as wrongdoers may lack the necessary assets. The agency stated it will continue to pursue cases to protect customers and hold fraudsters accountable.
Source: CFTC.gov
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