Collin County Man Sentenced for Foreign Currency Trading Fraud Scheme
BEAUMONT, TX—A 55-year-old Plano, Texas man has been sentenced to federal prison for violations in the Eastern District of Texas, announced U.S. Attorney John M. Bales.
Kevin G. White pleaded guilty on Dec. 11, 2013, to committing mail fraud in connection with a commodity trading fraud scheme and was sentenced to 97 months in federal prison on Feb. 18, 2015 by U.S. District Judge Marcia A. Crone. White was also ordered to pay restitution in the amount of $3,926,870.
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 over $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 was ordered to surrender to the Bureau of Prisons on Apr. 6, 2015 to begin his sentence.
This case is being investigated by the Federal Bureau of Investigation and prosecuted by Assistant U.S. Attorney J. Andrew Williams.