Forex scams like Lucrative Pips always get caught sooner or later. This one cost more than $430,000 in losses to investors and 23-year old convicted criminal Kevin Perry will have to pay $438,799 in restitution. Was it worth it?
Kurt R. Erskine, Acting U.S. Attorney, said: “During this pandemic, many have lost jobs and businesses while criminals continued to prey on unsuspecting citizens. Perry’s brazen actions, which included his continued scamming after a complaint was filed ordering him to cease, landed him in prison.”
The Forex trading firm turned out to be not successful at all, but a scam, which resulted in more than $430,000 in losses to investors. Lucrative Pips had never generated the historical returns represented to investors and wasn’t even registered as a commodity pool operator with the CFTC.
Mr. Perry, who started the fraudulent scheme when he was a teenager and is now 23, continued to make fraudulent investment pitches to potential investors even after the CFTC filed a civil complaint against him. After promising an undercover FBI agent that an investment of $10,000 would return a profit of $19,000 to $25,000 per month, the DoJ had enough evidence to convict the felon.
Chris Hacker, Special Agent in Charge of FBI Atlanta, said: “Perry carelessly continued his fraudulent investments even after a civil complaint was filed against him, thinking he was untouchable. Hopefully, this sentence sends a message that the FBI will find criminals who greedily prey on investors, no matter how clever they believe their scheme to be.”
Kevin Perry was ordered to pay $438,799 in restitution and a special assessment of $100.