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Screenshot of a breaking news alert e-mail from Q2 2017
The United States’ reputation for consumer protection and ensuring that justice is served to those who pilfer from their clients is unquestionably among the highest in the world.
Yesterday’s report that FX fraudster Kevin G White from Plano, Texas, had been handed a 97 month jail sentence in a federal prison on Wednesday this week serves to demonstrate that not only do the financial regulators in the United States often sanction transgressors, but criminal courts independently do so in addition.
Mr. White appeared before a federal court in the Eastern District of Texas on Wednesday for sentencing having pleaded guilty on Dec. 11, 2013, to committing mail fraud in connection with a commodity trading scheme.
This resulted in his sentencing to 97 months in federal prison by U.S. District Judge Marcia A. Crone. White was also ordered to pay restitution in the amount of $3,926,870.
A 55-year-old Plano man was sentenced to federal prison for violations in the Eastern District of Texas, announced U.S. Attorney John M. Bales.
According to information presented in court, Mr. White operated Revelation Forex Fund (RFF), which was a fund that conducted FX trading, with its offices located in Plano.
In order to lure investors to purchase partnership interests in RFF, Mr White falsely overstated the past rate of return on investment for RFF, that RFF returns had been audited and the length of time RFF had actually been in existence.
RFF received investments totaling more than $7.4 million. White admitted to using approximately $1.8 million of investor funds for non-investment purposes. The loss to investors was approximately $4 million.
Mr. White was ordered to surrender to the Bureau of Prisons on April 6, to begin his sentence.