22 Year Old FX Trader Pleads Guilty To Fraud He Started While In His Teens

22 year old FX trader Kevin Perry has pleaded guilty to defrauding his investors in an FX scam that started when he was just a teenager.

A release from the U.S. Attorney’s Office in the Northern District of Georgia on Friday said that “Perry led investors to believe that his investment company, Lucrative Pips, was successfully earning substantial profits by investing in the foreign currency (or “forex”) market.”

He told investors’ that their initial investments were secure from loss, but his company was never even registered as a commodity pool operator with the Commodity Futures Trading Commission, the Department of Justice said in their complaint. 

He falsified historical returns that he represented to investors while turning around and using investor cash to enrich himself or pay off his other investors. He also falsely promised an undercover agent that an investment of $10,000 would return a profit of $19,000 to $25,000 per month.

U.S. Attorney Byung J. Pak said: “Clients that invested with Perry’s company were assured they were secure from loss. Actually, Perry was enriching himself and paying off other investors.  We encourage citizens to be cautious with investments, and to remember that if it sounds too good to be true, it probably is.”

Chris Hacker, Special Agent in Charge of FBI Atlanta said: “This guilty plea will be little solace to the victims who lost their savings because of Perry’s personal greed. The FBI is determined to root out and prosecute anyone who undermines investor confidence at the expense of innocent victims.”