“Former NYPD Officer Accused of $3.5 Million Fraud: Fabricated Trading Success and Ponzi Scheme Unveiled”
A disgraced former NYPD officer, Jason Rodriguez, hailing from Queens, faces accusations of defrauding investors to the tune of $3.5 million. The federal authorities allege that Rodriguez deceived investors with a fabricated story, claiming he left the police force due to immense success in the global currency markets.
NYPD officer
Rodriguez’s departure from the NYPD on October 14, 2019, resulted from a guilty plea to a misdemeanor charge stemming from a drunk driving arrest, as per law enforcement sources. However, when attracting investors to his foreign exchange (“forex”) trading business, Rodriguez purportedly spun a different narrative, asserting that he resigned from the police force due to his triumph in trading. His tenure as a cop spanned about seven years, according to federal prosecutors.
An indictment unsealed in Brooklyn Federal Court details a PowerPoint presentation in which Rodriguez’s “zealous ambition for trading took precedence, resulting in the end of his law enforcement career.”
Despite Rodriguez accumulating disciplinary infractions during his NYPD tenure, six months after leaving the force, he founded a company named Technical Trading Team (TTT). Federal prosecutors allege that Rodriguez operated TTT as a Ponzi scheme, utilizing funds from new investors to pay returns to earlier investors.
Between April 2020 and September 2022, TTT reportedly received $4.8 million in investor funds, of which approximately $3.5 million remains unpaid, according to prosecutors.
Last October, the Commodity Futures Trading Commission accused Rodriguez and TTT’s executive officer, Edwin Carrion, of falsely claiming they could recoup losses through the creation of a “bot” using machine-learning-based artificial intelligence.
U.S. Attorney Breon Peace stated on Wednesday, “Rodriguez also falsely promised the victims that their investments would be safe because there would be guardrails over his trading activity to limit the risks.”
The indictment reveals that Rodriguez, entrusted by investors, suffered losses exceeding $3.2 million in trades over two years. Allegedly, he diverted investor funds for personal use, including luxury car rentals and travel expenses.
Charged with wire fraud conspiracy, Rodriguez was granted release on a $200,000 bond in Brooklyn Federal Court on Wednesday. His Federal Defenders attorney, Ben Yaster, declined to comment on the case.
In the realm of crime and public safety, this case adds another layer to the challenges of financial fraud, highlighting the need for vigilance and regulatory oversight in investment markets. As the legal proceedings unfold, Rodriguez’s alleged misconduct underscores the importance of transparency and integrity, especially when dealing with investments and financial ventures.
