Jacob Juma Omukwe, of Wisconsin Dells, Wisconsin, has been ordered to pay over $2.6 million in restitution and penalties for operating a fraudulent foreign currency (forex) scheme, the Commodity Futures Trading Commission (CFTC) announced November 23, 2011.
Omukwe, along with his companies JadeFX, LTD and Jade Investments Group, LLC, were found to have jointly and severally defrauded customers out of more than $3.2 million through an off-exchange retail forex scheme. The CFTC originally filed the anti-fraud enforcement action in March 2011.
Chief Judge William M. Conley of the U.S. District Court for the Western District of Wisconsin entered a supplemental consent order on November 17, 2011, setting a judgment of $1,302,656 for restitution and an equal $1,302,656 in civil monetary penalties. The defendants are jointly and severally liable for the full amount.
The court previously found, in a consent order issued March 8, 2011, that Omukwe, JadeFX, and Jade violated the Commodity Exchange Act by defrauding customers in connection with forex transactions. The earlier order also cited registration violations and permanently prohibits the defendants from engaging in any commodity-related activity or registering with the CFTC.
The CFTC staff members leading the case included Gregory Scopino, Sophia Siddiqui, Amanda Harding, Tracey Wingate, Michael Amakor, Patricia Gomersall, Jeremy Christianson, Timothy J. Mulreany, Paul Hayeck, and Joan Manley.
Source: CFTC.gov
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