Operator of FX scam Lucrative Pips pleads guilty to fraud

Kevin Perry, the operator of fraudulent FX scheme Lucrative Pips, pleaded guilty before U.S. District Judge William M. Ray, II.

Perry led investors to believe that his investment company, Lucrative Pips, was successfully earning substantial profits by investing in the Forex market. He induced investors into sending money by signing agreements that claimed the investors’ initial investments were secure from loss. In reality, Lucrative Pips was never registered as a commodity pool operator with the Commodity Futures Trading Commission (CFTC).

Also, Perry had never generated the historical returns represented to investors, and he was using investor money to enrich himself or to pay off other investors, with the goal of enticing others to invest with him. Even after the CFTC filed a civil complaint against Perry, he continued to make fraudulent investment pitches to potential investors, which included falsely promising an undercover agent that an investment of $10,000 would return a profit of $19,000 to $25,000 per month.

As FinanceFeeds has reported, Kevin Perry was arraigned on fraud charges back in February 2019. The Federal Bureau of Investigation is investigating this case.

U.S. Attorney Byung J. Pak commented:

“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.”