fbpx

Tex-Based Financial Robotics, Inc. Hit With $3Million + Penalty

Tex-Based Financial Robotics, Inc. Hit With $3Million + Penalty

Tex-Based Financial Robotics, Inc. Hit With $3Million + Penalty 150 150 Rex Securities Law

The US Commodity Futures Trading Commission (CFTC) announced on October 24, 2014, that Judge Lee H Rosenthal of the US District Court for the Southern District of Texas entered a default judgment and permanent injunction against Financial Robotics, Inc. ordering payment of more that $3 million in penalties and restitution.

The order finds that Financial Robotics and its controlling person Mark E. Rice operated a fraudulent scheme that solicited $1.7 million from an individual to trade leveraged off-exchange foreign currency contracts. The order says they told the victim the investment was risk free, insured against loss and that principal was guaranteed. Much of the customer funds were used to pay Rice’s personal and business expenses.

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

%d bloggers like this: