Mark E. Rice Sanctioned for Fraudulent Forex Scheme

Mark E. Rice, of Sugar Land, Texas, was ordered to pay $827,000 in restitution and a $673,000 monetary penalty to settle U.S. Commodity Futures Trading Commission charges regarding fraudulent solicitation and misappropriation of customers’ funds to trade leveraged off-exchange foreign currency (forex) contacts.

Rice also had permanent trading and registration bans imposed against him as a result of the consent order of permanent injunction issued by the U.S. District Court for the Southern District of Texas.

Rice allegedly operated an investment scheme using his company Financial Robotics, Inc. collecting approximately $1.7 million from one individual to trade leveraged off-exchange forex contracts, according to the order. Rice allegedly gave investors false statements telling them that the investment were “risk free”, they were insured against loss, and the return of their principal was guaranteed.

Rice allegedly misappropriated at least $576,000 of the investors’ funds by transferring the money to unrelated companies owned by Rice and at least $404,000 went to his personal and business expenses.

The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.