Sam, The Trading Robot?

     McKINNEY, TEXAS (CN) – RSM Forex Investments defrauded investors by claiming that “Sam, the trading robot” would double their money every year by trading “24 hours a day, six days a week without ever taking a break,” the State of Taxes claims in Collin County Court.

     Texas claims Raymond S. Minardi and Glenn A. Tucker, both of Plano, demanded minimum investments of $35,000 a year while they ran the fraud “through false claims of exorbitant past profits achieved by a proprietary automated program for trading foreign currencies known as ‘Sam,’ the ‘trading robot.’
     The defendants falsely claimed that their robot had brought in “returns as high as 544 percent per year” and “‘has returned 75 – 100% each year for our clients,'” the state says. Defendants falsely claimed that “over 90% of SAM’s trades are profitable” and that “SAM has generated returns to investors in excess of 10% a year, typically over 200% a year. …
     “In fact, however, each of the defendants’ clients whose money was traded with Sam during 2005 and 2006 actually lost significant sums of money,” the state says. It demands restitution, disgorgement and an injunction.
     Also sued are RSM Investments LLC, RSM Forex Fund LP, and RSM Forex Investments LLC.

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