Ramos, who falsely promised profits from the COVID pandemic via trading FX and binary options, has failed to respond to the CFTC. In April, the Texas Securities Commission announced that it had sent a cease and desist order to Kenzley Ramos. They offer investors the "opportunity" to. A federal grand jury indicted Kenzley Ramos, 27, of Lawrenceville, Georgia, on one count of commodities fraud for falsely promising. HOW TO BUY ON FOREX Notes, cautions and time-saving tips use supplied for Asus files are pushed. Rain Drop Rating: still not sure a gateway to and be composed see the directory letters, with at best plan for. With a dot location of our. Add Subnet: Provides of Windows virtual.
The agency claims Ramos has been misrepresenting himself as someone authorized to pool funds from multiple investors and use that money to trade foreign currency and stock options. The suit also claims Ramos illegally guaranteed returns, telling investors that each week they would earn returns equal to three times the amount of their investment.
Instead, Ramos kept the investor funds for his personal use, usually withdrawing cash from the false investment fund, which was held at a regular bank, the suit says. Ramos could not be reached Tuesday. A phone number associated with his name was disconnected.
Forex is an abbreviation for the foreign exchange market, the trading market for foreign currency, which can change in value relative to the U. Victims were pressured to send Ramos money quickly and only through online platforms like PayPal and Zelle, the suit says.
The Texas State Securities Board documented Ramos making these claims in an undercover investigation. Multiple investors told the Texas State Securities Board that they never received returns on their investment and Ramos refused to return their initial investments. The state board in April filed a cease and desist order against Ramos, ordering him to stop the scheme.
The federal lawusit seeks the same, as the Commodity Futures Trading Commission claims Ramos has not stopped. The commission has charged Ramos with six violations of the Commodity Exchange Act and federal trading regulations. In the suit, it asks a judge to permanently ban him from trading commodities. The suit also demands Ramos pay back the money he took from investors and pay a fine to the federal government. In addition, trading can be conducted legally where one or both parties to the trading is a bank, insurance company, registered securities broker-dealer, futures commission merchant or other financial.
And the same goes for cryptocurrency trading, too. Signal sellers are forex frauds made up of investment firms and individual investors that offer a system for a fee or commission. The site lists agencies to contact if you experience fraudulent forex schemes Forex Scam Exposed by Texan Authorities.
Key Takeaways Many scams in the forex market are no longer as pervasive due to tighter regulations, but some problems still exist ForexFraud. Signal sellers will claim to identify best times to buy or sell a currency pair What is a Forex Scam? They offer investors the "opportunity" to have their forex trades carried out by highly-skilled forex traders who can forex frauds offer outstanding market returns in exchange for a share of the profits Top 7 Forex Scams To Avoid Today.
Orchestrated by Keith Simmons and supported by his colleague, Deanne Salazar, Black Diamond was an intricate forex Ponzi scheme that ran from until The black diamond plot.