Title: Former NYPD Officer Faces Charges for $3.5M ‘Forex’ Trading Scam
Source: [New York Daily News](https://www.nydailynews.com/2024/02/28/ex-nypd-cop-defrauded-currency-investors-promised-ai-tool-would-recoup-losses-feds/)
Key Takeaways:
– Former NYPD cop, Jason Rodriguez, allegedly scammed investors out of $3.5 million.
– Rodriguez was accused of running a Ponzi scheme through his foreign exchange trading company, Technical Trading Team (TTT).
– Prosecutors allege that Rodriguez lied to investors about why he quit the NYPD.
– Of the $4.8 million invested in TTT, about $3.5 million is yet to be paid back.
– Rodriguez faces charges for wire fraud conspiracy.
In the latest string of internet scams, a former NYPD cop, Jason Rodriguez, stands accused of defrauding investors with a high-ranking forex trading scheme. Federal prosecutors allege that Rodriguez, 37, lied about his exit from law enforcement to deceive investors further.
The Story Behind The Resignation
Rodriguez seemingly waved goodbye to his NYPD role in October 2019 after pleading guilty to a misdemeanor charge arising from a drunk driving arrest. However, investors in his forex trading business were fed a different tale. The former cop, who served seven years, claimed his successful trading career prompted his resignation.
According to an indictment unsealed in Brooklyn Federal Court, Rodriguez supposedly sold his decision as a choice driven by his “zealous ambition for trading.” The same court documents also outlined numerous NYPD disciplinary offences to Rodriguez’s name.
The Birth of TTT
After leaving the force, Rodriguez launched his firm – Technical Trading Team (TTT) – in April 2020. Prosecutors argue that TTT operated as a Ponzi scheme, channeling funds from new investors to pay earlier ones.
With an impressive $4.8 million flowing into TTT from April 2020 to September 2022, it’s shocking that roughly $3.5 million remains unpaid. The discrepancy and mismanagement of funds draw attention to the heart of Rodriguez’s deceptive practices.
Unfulfilled Promises and False Guarantees
In October last year, the Commodity Futures Trading Commission charged both Rodriguez and TTT’s executive officer, Edwin Carrion, with false claims. Court filings detail promises of an AI-powered “bot” intended to recoup losses made to investors.
Further augmenting the trap, Rodriguez purportedly assured his victims that their investments would enjoy risk protection. This promise, according to U.S. Attorney Breon Peace, was another fabrication.
Moreover, rather than being used strictly for trading, the funds served to finance Rodriguez’s extravagant lifestyle, including luxury car rentals and trips.
Facing The Music
Accused of wire fraud conspiracy, Rodriguez appeared in Brooklyn Federal Court on Wednesday. He was granted release on a $200,000 bond. Despite the serious charges and mounting evidence, Rodriguez’s attorney, Ben Yaster, decided to withhold any comment on the matter.
Rodriguez’s case underscores the need for greater caution when investing money, particularly in volatile markets like forex trading. It’s vital that potential investors conduct their research and thoroughly vet their sources before making a financial commitment. The case is set to continue as more details emerge around Rodriguez’s scheme and how many were misled.
https://hcti.io/v1/image/b1cb0073-ee10-4114-b5e2-2da4e4f11624.jpg