All News

Federal Court Orders Forex Dealer Jacob Juma Omukwe to Pay over $2.6 Million for Forex Scheme

Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) obtained a supplemental consent order requiring defendants Jacob Juma Omukwe and his companies, JadeFX, LTD (JadeFX) and Jade Investments Group, LLC (Jade), jointly and severally to pay over $2.6 million in restitution and civil monetary penalties to settle a CFTC anti-fraud enforcement action filed in March 2011.

Saxo Bank releases an interesting infographic and video about the forex market

It seems infographics are becoming very popular with forex brokers who'd like to enlighten traders about certain aspects of the forex market. We've had those from Pepperstone, IBFX and OANDA this year. Now comes Saxo Bank with a pretty cool infographic and accompanying video.

Advertising

Generic_Forex

Washington, DC – The U.S. Commodity Futures Trading Commission (CFTC) obtained a supplemental consent order requiring defendants Jacob Juma Omukwe and his companies, JadeFX, LTD (JadeFX) and Jade Investments Group, LLC (Jade), jointly and severally to pay over $2.6 million in restitution and civil monetary penalties to settle a CFTC anti-fraud enforcement action filed in March 2011.

The CFTC alleged that the defendants, of Wisconsin Dells, Wis., operated a multi-million dollar fraudulent off-exchange retail foreign currency (forex) scheme through the website www.jadefx.com and fraudulently solicited and misappropriated more than $3.2 million from customers worldwide to trade forex. The complaint also alleged registration violations (see CFTC Press Release 5997-11, March 9, 2011).

The court’s supplemental order, entered by Chief Judge William M. Conley of the U.S. District Court for the Western District of Wisconsin on November 17, 2011, sets judgment for restitution and civil monetary penalties and requires Omukwe, JadeFX, and Jade jointly and severally to pay $1,302,656 in restitution and a $1,302,656 in civil monetary penalty.

In a prior consent order of permanent injunction, entered on March 8, 2011, the court found that Omukwe, JadeFX, and Jade violated the Commodity Exchange Act by defrauding customers in connection with forex transactions. That order also found that Omukwe and JadeFX committed registration violations, and it permanently prohibits the defendants from engaging in any commodity-related activity and from registering with the CFTC in any capacity.

The CFTC staff members responsible for this case are Gregory Scopino, Sophia Siddiqui, Amanda Harding, Tracey Wingate, Michael Amakor, Patricia Gomersall, Jeremy Christianson, Timothy J. Mulreany, Paul Hayeck, and Joan Manley.

Click here to access your latest copy of the Forex Magnates Retail Forex Industry Report.
Got a news tip? Let Us Know
FOUND A MISTAKE
IN THE ARTICLE?
How do you feel about the article?
  • Educated 0
  • Surprised 0
  • Intrigued 0
  • Indifferent 0
  • Annoyed 0

Discuss the Article


3 + 1 =

I agree to the Terms of Use Required field

Notify me of followup comments via e-mail.
You can also subscribe without commenting.