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.
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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term retail foreign currency (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) 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.
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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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term retail foreign currency (Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term) 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.