Futures Trader Pays $260,000 In Restitution For Securities Fraud

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Futures Trader Pays $260,000 In Restitution For Securities Fraud

Robert Scott Wiens of Lakewood, Colorado, a director a futures trading firm RXM Holdings Ltd., was sentenced last week to a year in prison and paid more than a quarter-million in restitution for securities fraud. Wiens, who pleaded guilty in October, paid $260,000 of $734,140 in court-ordered victim restitution, according to the Colorado Department of Regulatory Agencies.

He also received a suspended sentence of eight years if he fails to follow the conditions of his 10-year probation.

“It is unusual to obtain any restitution in criminal securities fraud cases because, more often than not, the funds are quickly spent by the defendant and cannot be recovered,” said Securities Commissioner Gerald Rome.

Wiens was arrested in April after leaving a Broomfield golf course. He faced 19 felony counts, including 10 counts of securities fraud, five counts of forgery and four counts of theft.

As the director of RXM Holdings, he operated as an unlicensed securities professional between 2010 and 2011, engaging in the sale of fraudulent investments that he traded on the futures market.

He promised investors guaranteed returns with zero risk. Investors were asked to set up new bank accounts for their funds in RXM’s name. In reality, Wiens had access to the accounts and used the funds to repay prior investments and to finance his personal activities.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

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