Kelvin Ramirez Pleads Guilty in Online Scam

By September 7, 2021 Investment Fraud

Kelvin Ramirez, 25, recently pleaded guilty to defrauding investors via social media, where he promised high rates of return and low to no-risk in a foreign exchange investment scheme.

As part of his guilty plea, Ramirez agreed to pay full restitution to his victims, including a monetary payment of at least $687,792.93.

As stated in a Department of Justice news release:

“According to court documents, Kelvin Ramirez, 25, of Houston, used social media platforms to falsely promote himself as a successful trader of foreign exchange investments or “forex” and attract investors. Through his Instagram accounts, Ramirez marketed “investment groups” and “private accounts” that purportedly traded in forex and were managed by Ramirez. For both types of investments, Ramirez solicited individuals by falsely promising high returns on investments, making false representations about the risk associated with the investments and falsely guaranteeing returns on investment. Through his scheme, Ramirez fraudulently obtained more than $650,000 from over 100 individuals, and then used investors’ funds for personal expenses.”

Kelvin Ramirez pleaded guilty to wire fraud and is scheduled to be sentenced on Nov. 9. He faces a maximum penalty of 20 years in prison.

Fishman Haygood’s team of investment fraud lawyers represent investors who have suffered investment losses in claims against their brokers or financial advisors and the firms employing/supervising them, including due to excessive trading. If you believe that you may have suffered financial losses due to the misconduct of a financial professional, we may be able to help. Please contact us to discuss your potential claim.