Former New York City police officer Jason Rodriguez has pleaded guilty to conspiracy to commit wire fraud in connection with his role as the chief operating officer of the Technical Trading Team (TTT) foreign exchange investment fund.
Rodriguez, who was indicted earlier this year, misled investors and misappropriated a significant portion of the $4.8 million invested in the fund. Approximately $3.5 million of the investors' funds remain unreturned. Rodriguez made false assurances to investors and used their money for personal expenses.
The Commodity Futures Trading Commission (CFTC) has filed a civil lawsuit against TTT, Rodriguez, and Carrion, accusing them of making false statements about their investment track record and the safety of the fund.
The legal proceedings surrounding this case highlight the risks faced by retail investors and may lead to calls for stricter regulations in the financial industry.