Rolla Man Indicted in Forex Trading Scam

St. Louis, MO – A federal indictment was returned late yesterday naming DANIEL KEITH STEELE as the defendant in a fraud scheme involving trading in foreign currencies. The indictment alleges that Steele solicited more than $2 million from at least 24 investors who had hoped to realize the extraordinary returns promised by Steele, which were sometimes as high as 28.71% per month.

According to the indictment, however, Steele invested only a fraction of the money he solicited in foreign currency markets. Instead, the indictment alleges, he spent investor funds on himself and his family, including the purchase of two different vehicles at a total cost of nearly $100,000, and repaid some later investors with funds contributed by earlier investors. Steele is also accused of generating false reports for investors that reflected returns that Steele had never achieved, and of creating and providing similar false documents when questioned by investigators.

Steele, Rolla, MO, was indicted by a federal grand jury on one felony count of mail fraud, four felony counts of wire fraud and two felony counts of engaging in unlawful monetary transactions using criminally derived property.

If convicted, each count of mail and wire fraud carries a maximum penalty of 20 years in prison and/or fines of up to $250,000. The two counts of engaging in unlawful monetary transactions each carry a maximum term of imprisonment of 10 years and/or a maximum fine of $250,000.  In determining the actual sentences, a judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.

The case is being investigated by the U.S. Postal Inspection Service. Assistant United States Attorney Richard E. Finneran is handling the case for the U.S. Attorney’s Office.

As is always the case, charges set forth in an indictment are merely accusations and do not constitute proof of guilt.  Every defendant is presumed to be innocent unless and until proven guilty.