Recently, the Commodity Futures Trading Commission (CFTC) announced that it has filed a lawsuit in the U.S. District Court for the District of Puerto Rico, Charges against Ramon Salvador Delado-Gomez (Gomez) and his companies FX Latino (FXL) and FXL Investment PR LLC (FXLI), Walmy Rivera-Santiago (Rivera) And her company JRH Services Inc. (JRH), and Hector Javier Santos-Pagan (Santos) and his firm Infinity Investment and Construction Management Corp(Infinity), They are accused of fraud and registration irregularities in a multimillion-dollar Ponzi scheme involving retail foreign exchange trading (forex) pooled investments.

Misappropriated at least $13 million of customer funds

From approximately November 18, 2019, through February 8, 2021, Gomez, the head of the FXL Platform, with the aid and abetting of two additional defendants, solicited and accepted at least $17 million in joint investments from more than 2,000 individuals and entities in Puerto Rico and the United States to engage in foreign exchange trading.

However, they use bank accounts with FXLI, JRH and Infinity to receive funds from investors; Transfer investor funds between platforms and principals such as FXL, as well as other entities and individuals participating in the program. FXL and Gomez, for example, lured new people and investments in a classic Ponzi scheme fashion, even misappropriating at least $13 million to pay so-called returns to existing pool participants. Investors have little or no money coming into the market to trade.

These funds were also used to pay for his corporate business and personal expenses and to make payments to Gomez and other unnamed individuals and entities involved in the scheme.

In addition to fraud, the CFTC alleges that FXL failed to register as a CPO (commodity pool operator) and that Gomez did not register as an associate of the CPO.

It is alleged that Gomez, Rivera and Santos, among others, ran ads on social media platforms such as Instagram that claimed numerous "get-rich-quick" schemes promising outsize returns and promoting public seminars and investor mentorship, while in fact committing ongoing financial fraud. More than 2,000 investors invested at least $17 million.