After entering a guilty plea for his forex fund scandal, a former NYPD officer has acknowledged defrauding investors of millions of dollars. According to a statement from the U.S. Attorney’s Office in the Eastern District of New York, Jason Rodriguez, the former officer who now operates Technical Trading Team and is an investment schemer, admitted to conspiring to conduct wire fraud in a federal court in Brooklyn.
With the promise of a foolproof investing technique, the former badge-bearer scammer lured roughly $5 million from gullible victims to launch his finance firm in April 2020. He raised money by promising safety nets, such as a “loss reserve account” and promises to limit trade risks, but these promises ultimately proved to be just as phony as the profits he gave his investors. U.S. Attorney Breon Peace drew attention to Rodriguez’s misuse of personal connections for financial gain, telling the U.S. Attorney’s Office that the defendant tricked retail investors into funding his business by making fictitious claims that he would manage their funds within well-defined boundaries and that he had quit the NYPD due to his trading success. In actuality, there were no safeguards, he lost the majority of the money, resigned from the NYPD in shame, and seriously injured his victims.”
The indictment detailed Rodriguez’s complex ploy in which he claimed to be a trading whiz who had left the police force because of his forex skills. This story was blatantly contradicted by Rodriguez’s less than honorable release from the police force after entering a guilty plea to a misdemeanor and receiving multiple disciplinary marks on his record. Rodriguez lured investors with wire transfers between April 2020 and September 2022, which led to a classic Ponzi scheme in which payouts to previous investors were fueled by new money, leaving a huge $3.5 million deficit.
As the Chairperson of the Attorney General’s Advisory Committee’s White Collar Fraud subcommittee, Mr. Peace seeks to put an end to this financial fraud in the wake of Rodriguez’s demise as the Eastern District’s lead person on white collar crime. The Office’s Business and Securities Fraud Section, led by Assistant United States Attorney Benjamin Weintraub, is handling the government’s case against Rodriguez, with assistance from Paralegal Specialist Liam McNett.
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