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Ex-FBI Agent Faces Charges in Million-Dollar Forex Trading Fraud
A federal grand jury has indicted Jeffrey A. Royer, 61, of Montrose, Colorado, for defrauding investors in a foreign currency ("forex") trading scheme, United States Attorney Dawn N. Ison announced. Ison was joined by Cheyvoryea Gibson, Special Agent in Charge of the Detroit Field Division of the FBI, in the announcement.
The indictment charges Royer with one count of commodities fraud and one count of wire fraud. According to the indictment and other court records, Royer served as an FBI Special Agent from approximately 1996 to 2001. In 2005, he was convicted of federal securities fraud, among other charges, and was released from federal prison in 2012 after serving his sentence of imprisonment.
From early 2020 through June 2023, Royer executed an investment fraud scheme using his personal forex trading account. He fraudulently solicited and accepted over $1 million from investors in the Eastern District of Michigan and elsewhere, misappropriating the money or losing it in forex trading. Royer concealed these losses, providing false monthly statements showing gains instead of actual losses.
“Investment fraud is simply a sophisticated means to steal people’s money,” said U.S. Attorney Ison. “Our office has an unwavering commitment to prosecuting any and all fraudsters who take advantage of the residents of this District.”
“I am grateful to our FBI Michigan team, alongside members from the FBI Grand Junction Resident Agency and the Montrose Police Department in Colorado, for their investigative work and arrest in this case,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “Today’s indictment of former FBI Special Agent Jeffrey Royer is important to ensure the public, regardless of an individual’s current or former profession, if you engage in foreign currency trading schemes, the FBI will investigate and arrest you.”
Royer faces up to 25 years in prison on the commodities fraud charge and up to 20 years on the wire fraud charge.
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