A federal grand jury in Miami has indicted Larry Ramos Mendoza in connection with a $21 million fraud.
According to a news release from the Department of Justice, Larry Ramos Mendoza was the owner of a financial services company. The allegations against him include the following:
“According to the indictment, from about December 2013 through June 2020, Ramos and his co-conspirators convinced victims to invest their money with Ramos’s company, The W Trade Group (“TWT”). The indictment alleges that Ramos lured clients by misrepresenting that: the company’s investment strategy was based on a commodities trading algorithm that he had developed, clients could earn investment returns as high as 19 percent, and investment losses were limited two percent. Once Ramos received the clients’ money, he did not invest it as promised and, instead, used it for his own benefit, says the indictment. It is alleged that to make the fraudulent scheme appear legitimate, Ramos created a TWT telephone application where clients could monitor the supposed progress of their investments. In fact, when clients logged into their accounts, they would see fake account statements generated by the application. When investors sought the return of their investment funds, Ramos used new investment money to pay earlier investors, according to the allegations.”
Mendoza was charged with one count of conspiracy to commit wire fraud and five counts of wire fraud.
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. If you believe that you may have suffered financial losses due to the misconduct of a financial professional, we may be able to help.
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