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…
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