Date: December 23, 2020 Contact: email@example.com Salt Lake City, UT — Thomas Robbins, of Heber City, Utah, will serve 60 months in federal prison after pleading guilty to securities fraud and money laundering in July. As a part of his plea agreement, Robbins admitted he induced victims to invest more than $10 million in a fraudulent foreign currency day-trading business beginning in 2016 and ending in early 2020. Robbins was sentenced Wednesday. According to the plea agreement, as a part of his efforts to lull investors into a false sense of security about their investments, Robbins told investors he had achieved high returns in his foreign day-trading business. In fact, Robbins lost millions of dollars and diverted investor money for his personal use and benefit. He solicited approximately 66 investors to invest around $10,170,700.69 in his scheme. Robbins admitted that he made several fraudulent representations in his communication with investors in the scheme. These representations included telling investors that he had spent 11 years developing an algorithm for foreign currency trading which allowed him to average returns of 5 percent to 30 percent per month, that he had previously worked for a German bank where he was on contract to help the bank develop algorithms for their traders to use, that he used more than 13 different brokerage firms in different countries to facilitate his foreign currency trading program, that he assured investors that his trading program was compliant with the laws of the Commodities Futures Trading Commission, and that people who invested with him would never lose more than 5 percent of the net equity in their trading account due to "stop loss" measures. Robbins also admitted in the plea agreement that he made these false representations knowing he was not providing a legitimate investment, that he had lost nearly all of the investor money, and that he was using a portion of the investor money on personal living expenses and no significant investment returns were ever generated. Assistant U.S. Attorneys in the Utah U.S. Attorney's Office prosecuted the case. Special agents of IRS-Criminal Investigation and the FBI conducted the investigation.