Forex Investment Scheme Targeted African Americans, SEC Says

A Texas man conducted a fraudulent, unregistered offering involving membership interests in an investment vehicle for foreign currency exchange trading, raising over $1 million from at least 67 investors including many from the African American community, the SEC said.

Kevin L. Jefferson misrepresented the profitability of investing through his Cashflow Creation Club, his past trading success, and the use of investor funds, according to the Securities and Exchange Commission’s complaint filed Monday in the US District Court for the Northern District of Texas.

Jefferson falsely promised investors returns of 3-5% per month and claimed he could quadruple their money within ...