A former New York City police officer, Jason Rodriguez, has pleaded guilty to conspiring to commit wire fraud in connection with a foreign exchange investment fund that defrauded investors of millions, federal prosecutors announced Thursday.
Rodriguez, 38, served as the chief operating officer of Technical Trading Team (TTT), a forex investment fund he co-founded in 2020 alongside CEO Edwin Carrion. The fund mismanaged $4.8 million from investors, leaving approximately $3.5 million unpaid, according to the U.S. Attorney’s Office for the Eastern District of New York.
Prosecutors allege that Rodriguez lured investors with false promises, claiming he had left the New York Police Department due to his success as a trader and touting safeguards that never existed. He reassured investors their funds would be protected by a “loss reserve account” and that trades would not exceed 1% of assets under management.
In reality, Rodriguez misused hundreds of thousands of dollars from the fund for personal expenses, including luxury car rentals, travel, and other indulgences. Breon Peace, U.S. Attorney for the Eastern District of New York, condemned Rodriguez’s actions, stating, “The defendant deceived retail investors… inflicting substantial harm on his victims.”
Rodriguez served in the NYPD for seven years before resigning in disgrace following a guilty plea to a misdemeanor offense. Shortly after, he co-launched TTT with Carrion. The fund’s collapse, marked by significant trading losses and mismanagement, left investors grappling with financial devastation.
Court records reveal that Carrion also pleaded guilty to his role in the scheme earlier this year but has not yet been sentenced.
In addition to the criminal case, Rodriguez and Carrion face a civil lawsuit filed by the Commodity Futures Trading Commission (CFTC). The CFTC accuses the pair of misleading investors about TTT’s performance and falsely claiming they could recover losses using artificial intelligence-driven trading algorithms.
The civil suit, filed in 2023, alleged the duo made false statements about the safety of investments and attempted to mitigate investor concerns after losing over $3 million. The case has been temporarily stayed by District Judge Ramon E. Reyes, Jr.
Rodriguez now awaits sentencing, as does Carrion, whose earlier guilty plea underscores his involvement in the fraudulent scheme. The case serves as a stark reminder of the risks investors face when promises of high returns are not backed by transparency or accountability.
