JadeFx.com Scam Confirmation

We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

In early March 2011, complaints surfaced in the FPA's forums and reviews from clients unable to connect to Jade Fx's trading platform. The website went down not long after this. Before any formal complaints were brought inside the FPA, a reviewer posted a link to a CFTC press release about the issue. The first paragraph reads...

The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of a complaint in the U.S. District Court for the Western District of Wisconsin charging defendants Jacob Juma Omukwe, JadeFX Ltd. (JadeFX) and Jade Investments Group, LLC (Jade), all of Wisconsin Dells, Wis., with operating a fraudulent off-exchange retail foreign currency (forex) scheme through the website www.jadefx.com. None of the defendants has ever been registered with the CFTC.

Further details in the press release indicate that the CFTC alleges that client money was not kept in segregated accounts as promised and that more than $3.2 million was misappropriated from client money. Money that was supposed to belong to clients and be traded on their behalf was apparently used for other purposes.

Under the circumstances, we feel that this more than qualifies JadeFx as a scam in the eyes of the FPA. This scam finding can be lifted if JadeFx successfully returns all money owed to clients.

Jade Fx is now blacklisted by the Forex Peace Army. We encourage all clients to contact the CFTC immediately about recovery of their funds.

We thank the all the FPA members and reviewers who exposed this issue.

Discussion thread for FPA Scam Finding against JadeFx.com

Original complaint against Jade Fx

FPA Review Page for JadeFx.com

CFTC Press release regarding JadeFx
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