HOUSTON – Officers introduced {that a} Houston man pleaded responsible to defrauding traders that he solicited by way of social media by falsely promising excessive charges of return and low or no-risk returns on international change investments.
In accordance with court docket paperwork, Kelvin Ramirez, 25, used social media platforms to falsely promote himself as a profitable dealer of international change investments or “foreign exchange” and entice traders.
By way of his Instagram accounts, Ramirez marketed “funding teams” and “personal accounts” that purportedly traded in foreign exchange and have been managed by him, officers stated.
In accordance with court docket paperwork, Ramirez solicited people for each varieties of investments by falsely promising excessive returns on investments, making false representations in regards to the threat related to the investments and falsely guaranteeing returns on funding. Ramirez fraudulently obtained greater than $650,000 from over 100 people by way of his scheme after which used traders’ funds for private bills, court docket paperwork stated.
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Ramirez pleaded responsible to wire fraud. He’s scheduled to be sentenced on Nov. 9 and faces a most penalty of 20 years in jail. As well as, he has agreed to pay full restitution to victims, together with a financial lack of at the very least $687,792.93.
The Federal Deposit Insurance coverage Company’s (FDIC) Workplace of Inspector Basic and the FBI are investigating the case.
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