Self-proclaimed “successful” Forex trader admits wire fraud

The Department of Justice (DOJ) confirmed today that 25-year old Forex trader Kelvin Ramirez has pleaded guilty to wire fraud.

The trader, who falsely claimed he was successful, faces a maximum penalty of 20 years in prison.

Ramirez pleaded guilty today in the Southern District of Texas to defrauding investors that he solicited via social media by falsely promising high rates of return and low or no-risk returns on FX investments.

According to court documents,Ramirez, of Houston, used social media platforms to falsely promote himself as a successful Forex trader. Through his Instagram accounts, Ramirez marketed “investment groups” and “private accounts” that purportedly traded in forex and were managed by Ramirez.

For both types of investments, Ramirez solicited individuals by falsely promising high returns on investments, making false representations about the risk associated with the investments and falsely guaranteeing returns on investment. Through his scheme, Ramirez fraudulently obtained more than $650,000 from over 100 individuals, and then used investors’ funds for personal expenses.

Ramirez is scheduled to be sentenced on November 9, 2021. He has agreed to pay full restitution to victims, including a monetary loss of at least $687,792.93. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

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