UNITED STATE Attorney for the Eastern District of New York, Breon Peace, talks throughout a press conference in Brooklyn, New York, UNITED STATE, October 22, 2024.
Brendan Mcdermid|Reuters
Former New York City law enforcement officer Jason Rodriguez begged guilty to conspiracy theory to devote wire fraud pertaining to his function as the principal running policeman of a forex mutual fund, district attorneys stated in a launch Thursday.
Rodriguez, 38, was prosecuted in a Brooklyn government court in February after he existed to financiers and shed a lot of the $4.8 million took into his foreign exchange mutual fund,Technical Trading Team To day, roughly $3.5 numerous those funds have actually not been repaid to the financiers, according to the united state Attorney’s Office for the Eastern District of New York.
“The defendant deceived retail investors into investing with his company based on false promises that he would invest their money in accordance with clear guardrails and that he had left the NYPD because of his success as a trader,” Breon Pace, United States lawyer for the Eastern District of New York, stated. “In reality, there were no guardrails, he resigned from the NYPD in disgrace, and he lost most of the money, inflicting substantial harm on his victims.”
Rodriguez wrongly comforted financiers that if the business shed cash, he can pay them back via a “loss reserve account,” which he would not run the risk of greater than 1% of possessions under monitoring on a solitary profession.
“[Rodriguez] also misappropriated hundreds of thousands of dollars which he used to pay for luxury car rentals, travel, and other expenses,” Peace stated in February adhering to the charge.
Rodriguez acted as an NYPD policeman for roughly 7 years prior to he begged guilty to an offense criminal offense and surrendered. He after that developed the TTT fund in 2020 in addition to CHIEF EXECUTIVE OFFICER Edwin Carrion.
Previous court documents reveal that Carrion begged guilty to the plan inJanuary He has yet to be punished in the event.
The Commodity Futures Trading Commission in 2023 submitted a civil claim versus TTT, Rodriguez and Carrion in Brooklyn government court, charging them of making “false and misleading statements regarding their investment track record and the safety of investing the TTT pool to participants and potential participants.”
The problem additionally affirms that after shedding over $3 million, Rodriguez and Carrion guaranteed financiers that they can recover the losses utilizing fabricated intelligence-based trading formulas.
The match was remained in March by District Judge Ramon E. Reyes, Jr.
—‘s Dan Mangan added to this record.
