Securities Commissioner Travis J. Iles took emergency action Dec. 30 to stop an
unregistered Sugar Land investment promoter from offering guaranteed returns
through the trading of foreign currencies.
to the Emergency Cease and Desist
Ikimi, who also goes by Steve Ikimi, is telling investors his
Finance, can earn a return of 25% in 30 days on an investment
of $50,000. An investment of $125,000 will generate a return of 40% in 45
business days. Ikimi is advertising the offering on Craigslist and other
order also names an Inkprint trader, Kevin Flores, also known as Kevin Ulises Flores Santos.
The order lists addresses for Flores in Sugar Land, a Houston suburb, and West
Babylon, on New York’s Long Island.
the order, Ikimi and Inkprint are telling investors that Inkprint has at least
one licensed forex trader and that Ikimi is a broker. They are representing
that Ikimi maintains a forex portfolio through an online platform that has
a balance of $1.4 million.
to the order, Ikimi and Flores are not licensed to sell securities in Texas,
nor are they registered with the National Futures Association. There is also no
evidence that Ikimi or Inkprint maintains a portfolio of foreign currencies of
that value on any platform.
guaranteed returns are being offered without any disclosure of the risks in the
complex, global market of currency trading. Currency traders seek to profit
from minor fluctuations in exchange rates and speculate on changes in the
values of currencies.
to the order, Ikimi and Inkprint are intentionally failing to disclose the
risks inherent in currency trading, including fluctuations in a country’s
interest rates, fees associated with trading foreign currencies, and leveraging
transactions using borrowed money.
Inkprint claims offices in Texas and New York,
but is not providing physical addresses in those states.