Collin County Man Guilty in Foreign Currency Trading Fraud Scheme
|U.S. Attorney’s Office December 11, 2013|
PLANO, TX—A 54-year-old Plano, Texas man has pleaded guilty to federal violations in the Eastern District of Texas, announced U.S. Attorney John M. Bales. Kevin G. White pleaded guilty to committing mail fraud in connection with a commodity trading fraud scheme today before U.S. Magistrate Judge Don D. Bush.
According to information presented in court, White operated Revelation Forex Fund (RFF), which was a fund that conducted foreign exchange currency trading. RFF had its offices in Plano. In order to lure investors to purchase partnership interests in RFF, 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.
White faces up to 20 years in federal prison. A sentencing date has not been set.
This case is being investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney Andy Williams.