Texas 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.
According to the Emergency Cease and Desist Order, Onoriode Ikimi, who also goes by Steve Ikimi, is telling investors his firm, Inkprint 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 platforms.
The order also names an Inkprint trader, Kevin Flores, also known as Kevin Ulises Flores Santos. The order lists addresses in Sugar Land and West Babylon, on New York’s Long Island.
According to 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.
According 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.
The 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.
According 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.