Ex-NYPD Officer Confesses to Forex Investment Fraud

According to a news release from the U.S. Department of Justice, Jason Rodriguez, a former NYPD officer who committed forex investment fraud, has pleaded guilty.

Breon Peace, United States Attorney for the Eastern District of New York, said the defendant took advantages of friends and family to conduct fraudulent activities and cheated millions of dollars from them.

In April 2020, Rodriguez founded Technical Trading Team, LLC and became CEO of the firm, claiming to be in charge of all trading.

To attract retail investors, he falsely claimed that the firm had a “loss reserve account,” which would pay investors when the company lost money on trades.

Rodriguez also claimed that he would not use more than 1% of his clients' assets in a single trade.

Although he claimed that he quit his job as a police officer because of his success as a forex trader, he was actually losing more and more money on trades and even had to repay previous investors' losses with new investors' money.

“Zealous ambition for trading took precedence resulting in the end of his law enforcement career.”

Between April 2020 and September 2022, Rodriguez attracted about $4.8 million in client investments, of which $3.5 million in funds were not repaid to investors.