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 Wolf 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 Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.