Brandon, MS – Jase Davis is among ten defendants ordered to pay over $169 million in penalties and restitution following a CFTC judgment for running a multi-million dollar forex fraud. The Commodity Futures Trading Commission announced the order, issued by the U.S. District Court for the Southern District of Florida, on May 14, 2024.
The judgment stems from a complaint filed in August 2022 alleging fraud, misappropriation, and registration violations. Davis, along with Borys Konovalenko of Ukraine, Anna Shymko of Duluth, Georgia, and Alla Skala of Grand Island, New York/Fort Erie, Canada, were found liable for the scheme. Five companies – Easy Com LLC d/b/a ROFX, Global E-Advantages LLC a/k/a Kickmagic LLC d/b/a ROFX, Grovee LLC d/b/a ROFX, Notus LLC d/b/a ROFX, and Shopostar LLC d/b/a ROFX – were also named in the judgment.
The court found the defendants misappropriated over $57 million in customer funds through the ROFX.net website between January 2018 and September 2021. ROFX falsely advertised a highly successful automated trading robot with guaranteed loss coverage to attract investors. Funds deposited by U.S. and international customers were then allegedly wired away by the defendants.
The default judgment requires the nine defendants – Davis and the five companies, along with the three other individuals – to pay over $56 million in restitution and a $169,086,837 civil monetary penalty, jointly and severally. They are also permanently banned from engaging in conduct that violates the Commodity Exchange Act (CEA), and from trading or registering with the CFTC.
A separate supplemental consent order was issued against Timothy F. Stubbs, a certified public accountant from Atlanta, Georgia, on May 8. Stubbs, who controlled and operated Grovee LLC, will pay a $314,000 penalty and $153,000 in restitution. He was previously enjoined from trading in December 2023. The CFTC reports this resolves the lawsuit against all defendants.
Source: CFTC.gov
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