The Commodity Futures Trading Commission (CFTC) was granted a final judgment of $2.9 million against Kelvin Ramirez for fraud in an alleged Forex trading scheme. The court also ordered Ramirez to pay $2.2 million in civil penalties and $735,000 in restitution to victims of the scheme in which Ramirez allegedly used social media to solicit investors for Forex trading.
Ramirez Purported Big Profits from Forex Trading
According to the complaint, Ramirez purportedly owned a Forex trading account and doctored images which he then posted to his social media sites to falsify a “lavish lifestyle” that could result from success with Forex trading. The offshore accounts that Ramirez portrayed online reflected non-existent profits from trading that never actually happened.
The CFTC further alleged that from 2015 to 2018, Ramirez used calls, texts, and social media to defraud clients by holding himself out to be a successful Forex trader in which he claimed to earn lucrative profits when in fact his trading accounts were discovered to be fabricated.
The commodity pools in which Ramirez operated were not separate from his personal accounts and thus client funds were misappropriated. The CFTC has ordered a freeze of Ramirez’s assets.
Ramirez Barred from Registering with Trading Markets
Ramirez failed to respond to the allegations against him or to appear before the judge by the court-ordered deadline. The judge granted a default judgment against Ramirez and barred him from registering with CFTC or other trading markets.
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