A former FBI agent has been indicted for defrauding investors through a foreign currency trading scheme, facing charges of commodities and wire fraud.
Ex-Agent Misled Michigan Investors, Falsified Statements to Hide Losses
The indictment, which was unsealed on Thursday, alleges that from early 2020 through June 2023, Royer misled investors by fraudulently soliciting more than $1 million for his personal forex trading account. While claiming to generate profits, Royer misappropriated funds and concealed significant trading losses by providing fake monthly account statements to investors. The fraudulent reports showed fictitious gains, masking the actual financial damage.
“Investment fraud is simply a sophisticated means to steal people’s money,” said U.S. Attorney Ison. “Our office is committed to prosecuting all fraudsters, no matter who they are, who take advantage of the residents of this district.”
Convicted Fraudster Returns to Crime After FBI Career
Royer, who served as an FBI Special Agent from 1996 to 2001, is no stranger to the legal system. In 2005, he was convicted of federal securities fraud and other charges, serving prison time before being released in 2012. His latest alleged scheme has now drawn the attention of the FBI once again.
“Regardless of an individual’s current or former profession, if you engage in fraudulent currency trading schemes, the FBI will investigate and arrest you,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI’s Detroit Field Division.
Law enforcement agencies in Michigan and Colorado collaborated on the case, including the FBI’s Grand Junction Resident Agency and the Montrose Police Department.
Potential Victims Urged to Come Forward
The investigation has already identified several investors from southeast Michigan as victims of the scheme. Officials are encouraging anyone affected to contact the FBI at 1-800-CALL-FBI (1-800-225-5324).
Royer faces up to 25 years in prison on the commodities fraud charge and up to 20 years on the wire fraud charge if convicted.
“Today’s indictment sends a clear message—no one is above the law,” Gibson added.
The case is being handled by Assistant U.S. Attorney Trevor Broad and remains under investigation by the FBI.
An indictment is only a charge, and Royer is presumed innocent until proven guilty in court.
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