Victims of fraudulent FX platform ROFX seek to amend complaint

As the lawsuit brought by the victims of fraudulent FX platform continues at the Florida Southern District Court, the plaintiffs are now seeking to file a new complaint.

This becomes clear from a motion submitted by the plaintiffs in this case on January 12, 2022. The document, seen by FX News Group, states that the plaintiffs intend to move for leave to amend their Complaint under Federal Rule of Civil Procedure 15(a)(2).

The plaintiffs will seek to amend the Complaint to include new information only made available after the filing of the Complaint. The amended pleading will include additional allegations against Epayments Systems Ltd. and will not include Andrei Fetin and Mikhail Rymanov (directors of the firm) as parties to the litigation.

According to the initial Complaint, the defendants orchestrated a massive international scheme to defraud the investors by soliciting them to deposit money or cash equivalents with ROFX, a “robotically operated foreign exchange trading” platform that purportedly utilized algorithms to trade on behalf of investors. In exchange for the funds, the defendants falsely promised a return on investment in the form of a percentage of ROFX’s daily trading profit that never came to pass.

After maximizing their current account balances and creating the illusion of stability for in excess of two years, ROFX distributed little profit to its investors, prevented investors from making withdrawals, and thereafter stole all remaining investment capital to perpetuate a massive fraud that is global in scope.

The defendants’ conduct occurred as early as 2016 and has continued to the present. The Complaint alleges that, as a consequence of the defendants’ fraudulent scheme, the plaintiffs and the class members suffered significant harm, losing tens of millions of dollars by investing with ROFX under the false impression that they were investing with a legitimate foreign exchange trading platform.

The plaintiffs explain that they have brought the emergency action for fraud pursuant to Federal Rule of Civil Procedure 23 on behalf of a global class of ROFX investors. In addition to damages, including costs of suit, interest, and reasonable attorneys’ fees resulting from the defendants’ fraudulent conduct, unjust enrichment and violations of federal RICO statutes, the plaintiffs, on behalf of the class, seek injunctive relief to maintain the status quo and preserve assets for the victims of this fraudulent scheme.

Specifically, the plaintiffs seek an immediate order: (i) freezing all ROFX assets and enjoining and restraining Defendants from dissipating or encumbering any of these assets; (ii) preventing the destruction of financial records and any other relevant documents; and (iii) permitting expedited discovery into the facts.

The plaintiffs claim that the victims’ reported ROFX account balances are in excess of $15 million and growing.

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