The CFTC first pressed charges against Abner Tinoco in October 2021, accusing him on fraudulent solicitations and misappropriation of over $3.9 million from at least 61 clients. The number has since moved upwards of $7.2 million from at least 322 clients.
The Commodity Futures Trading Commission has celebrated a court order charging Abner Alejandro Tinoco and his company Kikit & Mess Investments, LLC, for a Forex and Cryptocurrency fraud.
U.S. District Court Judge David C. Guaderrama signed a consent order that finds that, from September 2020, the defendants fraudulently solicited at least $7.2 million from at least 322 clients, who intended to trade forex or cryptocurrency in managed accounts.
The defendants are liable for fraud and are permanently banned from trading or registering with the CFTC. The order also reserves determination of the amounts of restitution, disgorgement, and civil monetary penalty for future decision by the court.
Abner Alejandro Tinoco and his company promised to use the funds to trade foreign exchange and cryptocurrency in individual managed accounts, said the court, which found the defendants did not trade their clients’ funds as represented.
Instead, funds were used to pay for Tinoco’s personal expenses, such as the travel costs for chartering a private jet, the purchase of a luxury mansion and other real estate, and the purchase or lease of luxury automobiles, the order found, adding that some of the funds were also used…
