JadeFx shut down by the CFTC

[Pharaoh]

It sounds to me like a 'victim-less' crime. I don't think the legal action is because they were refusing payments to clients, etc, but rather because they weren't following industry protocols.

What portion of "Defendants allegedly made explicit but false guarantees on the JadeFx website including that (1) all customer funds are traded in forex, (2) customer funds are completely segregated from JadeFX’s operating accounts and (3) customer funds were protected from bankruptcy.

Instead of segregating customer money into separate accounts, Omukwe allegedly pooled all customer funds together into bank accounts that he exclusively controlled. From these bank accounts, only a portion of customer money was traded in forex. Omukwe allegedly misappropriated the remaining funds to pay for personal and business expenses, including the operational costs of JadeFX and Jade." makes you think there were no victims?

This isn't a simple case of a registration issue. This is a case of lying to clients and taking their money.

 

[geoffrey]

Re Jade Shut Down By The Cftc

It's always a matter of time for scammers to get cought. This seems to be a case of playing along to get more scammed as some attested to have had transactions with Jade without promblems previously. They must treat some nicely in order to get the big one. That's my submission.