$3.9 Mln Penalty and 8-Year Jail Term for Fraudster Behind Revelation Forex Fund
- A US judge has handed out a lengthy sentence to Kevin White of KGW Capital for operating a fraudulent currency fund. The fraudster will face a 97 month jail sentence and is to pay $3.9 million in restitution.
A U.S. District Judge has issued charges against Kevin White for his involvement in financial markets wrongdoings. Kevin White, proprietor of Revelation Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Fund, was found guilty of committing fraud in the Eastern District of Texas. Courts came to a decision on the 18th of February and sentenced the Texas man to a 97 month jail term in a federal prison.
Complaints were submitted to authorities in 2013 against White, his firm KGW Capital Management and the Revolution Forex Fund, on the basis of misrepresentation and misinformation presented to investors. Mr White is believed to have claimed profit of 393% since the fund was launched in 2009.
Details in official court filings show that Mr. White operated the Revelation Forex Fund alongside his asset management firm in 1992 with an office in Plano. A SEC litigation document form 2013 states that White was barred from regulated activities in 1992.
Kevin White
In addition, investigations found White’s KGW Capital Management had solicited $7.1 million from 20 US investors, however the fund had accrued losses of $550,000 and $1.3 million had been used for personal expenses.
KGW and Kevin White were vocal about the firm’s fund performance, in June 2013 the firm issued a press release that reported that the fund had earned 6.27% returns in the first quarter of 2013. White also added a comment commending the fund's performance.
Regulators in the United States have been actively combating fraudulent activity, with a particular focus on currency and commodity fraud. The CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term's website provides guidelines to investors when assessing investment products.
A U.S. District Judge has issued charges against Kevin White for his involvement in financial markets wrongdoings. Kevin White, proprietor of Revelation Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Fund, was found guilty of committing fraud in the Eastern District of Texas. Courts came to a decision on the 18th of February and sentenced the Texas man to a 97 month jail term in a federal prison.
Complaints were submitted to authorities in 2013 against White, his firm KGW Capital Management and the Revolution Forex Fund, on the basis of misrepresentation and misinformation presented to investors. Mr White is believed to have claimed profit of 393% since the fund was launched in 2009.
Details in official court filings show that Mr. White operated the Revelation Forex Fund alongside his asset management firm in 1992 with an office in Plano. A SEC litigation document form 2013 states that White was barred from regulated activities in 1992.
Kevin White
In addition, investigations found White’s KGW Capital Management had solicited $7.1 million from 20 US investors, however the fund had accrued losses of $550,000 and $1.3 million had been used for personal expenses.
KGW and Kevin White were vocal about the firm’s fund performance, in June 2013 the firm issued a press release that reported that the fund had earned 6.27% returns in the first quarter of 2013. White also added a comment commending the fund's performance.
Regulators in the United States have been actively combating fraudulent activity, with a particular focus on currency and commodity fraud. The CFTC CFTC The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss The 1974 Commodity Exchange Act (CEA) in the United States created the Commodity Futures Trading Commission (CFTC). The Commission protects and regulates market activities against manipulation, fraud, and abuse trade practices and promotes fairness in futures contracts. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsibilities for the monitoring of financial contracts between the Commodity Futures Trading Commission and the Securities and Exchange Commiss Read this Term's website provides guidelines to investors when assessing investment products.