ATLANTA, Ga. (CW69 News at 10) – A federal judge sentenced Kevin Perry, 23, of Cartersville, for running a foreign currency investment scam that began when he was a teenager and resulted in more than $430,000 in losses to investors.

He will serve a term of three years and five months in federal prison three years of supervised release, ordered to pay $438,799 in restitution and a special assessment of $100, according to a statement from acting U.S. Attorney Kurt R. Erskine.

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The charges, and other information presented in court:

  • Kevin Perry led investors to believe that his investment company, Lucrative Pips, was successfully earning substantial profits by investing in the foreign currency (or “FOREX”) market.
  • Perry induced investors to send money by signing agreements that claimed the investors’ initial investments were secure from loss.
  • Lucrative Pips was never registered as a commodity pool operator with the Commodity Futures Trading Commission (CFTC.)
  • Perry never generated the historical returns represented to investors. Instead, he was using investor money to enrich himself or to pay off other investors, with the goal of enticing others to invest with him.
  • Even after the CFTC filed a civil complaint against Perry, he continued to make fraudulent investment pitches to potential investors, which included falsely promising an undercover FBI agent that an investment of $10,000 would return a profit of $19,000 to $25,000 per month.

Kevin Perry, 23, of Cartersville, Georgia was sentenced to three years and five months in prison.

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