DETROIT – A former FBI special agent has pleaded guilty in Detroit to defrauding investors in a foreign currency trading scheme and agreed to pay more than $576,000 in restitution to victims.
Jeffrey Royer pleaded guilty to one count of wire fraud.
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As part of his plea, court documents revealed that Royer admitted he defrauded multiple investors by falsely representing how their money would be used and by misleading them about the performance of their investments.
Prosecutors said Royer told investors their funds would be used for foreign currency, or forex, and commodity futures trading.
Instead, he admitted diverting some of the money for personal expenses.
Court documents revealed that Royer also falsely assured investors that their principal was protected from losses and that they would receive guaranteed future earnings.
According to court records, after suffering…
This remains the most prevalent form of financial crime globally. It targets the direct access points to your money: your cards and your bank accounts.
- Skimming: Criminals use small devices called “skimmers” placed over ATM or point-of-sale card slots to capture the data from your card’s magnetic strip.
- Card-Not-Present (CNP) Fraud: This occurs during online shopping where a physical card isn’t required. Thieves use stolen card numbers, expiry dates, and CVV codes to make unauthorized purchases.
- Account Takeover (ATO): A hacker gains access to your online banking credentials (often through malware or phishing) and changes the contact details or passwords, locking you out while they drain your funds.