Man pleads guilty to wire fraud in Instagram-based hoax that made him over $600,000
A Texas man pleaded guilty on Monday to wire fraud in a social media scheme to fool people into making foreign exchange investments that made him over half a million dollars, according to the Justice Department.
Kelvin Ramirez, a 25-year-old from Houston, used Instagram accounts to pose as a foreign exchange investor who offered incredible deals in investment, court documents show.
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With these accounts, Ramirez attracted investors with false promises of high returns and minimal-to-no-risk investments in foreign exchange, the Justice Department said in a statement. More than 100 investors believed Ramirez's accounts, allowing him to rake in over $650,000, which he used for personal expenses, prosecutors added.
The wire fraud guilty plea was entered in the Southern District of Texas. Ramirez, who agreed to pay back the investors, will be sentenced on Nov. 9 and faces up to 20 years in prison.
The Federal Deposit Insurance Corporation's Office of Inspector General and the FBI are investigating the case, according to the DOJ statement.
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Cybercrime has been on the rise since 2020, with the coronavirus pandemic forcing many people to work from home.
The 2020 Internet Crime Report revealed 791,790 complaints of internet crimes were filed, an increase of nearly 70% from the previous year, according to south Florida law firm Marvin Feinberg.
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Tags: News, Texas, Houston, Social Media, Instagram, Investment, Justice Department
Original Author: Asher Notheis
Original Location: Man pleads guilty to wire fraud in Instagram-based hoax that made him over $600,000
