August 9, 2019
Posted August 9, 2019
In a default judgment, Kevin Andre Perry and Lucrative Pips Corporation of Atlanta, Georgia were ordered to pay a civil penalty of $2 million and restitution of almost $700,000 with respect to their fraudulent marketing of a foreign exchange pool. Defendants told prospective pool participants that their funds were “guaranteed” against trading losses and that their accounts would grow in value by 200% to 350% in less than 60 days. Defendants then failed to return funds when customers tried to later withdraw them. CFTC
Tagged in: Foreign Exchange, Fraud in CFTC-Regulated Markets, Misrepresentations, Ponzi Schemes,