Case Status Report: Jade Investments Group

JadeFX LTD a/k/a JadeFX LLC, and Jacob Juma Omukwe, Civil Action No. 11-CV-128, (W.D. Wisconsin, March 2, 2011)

The following is a chronology of events in this matter:

March 2, 2011: the U.S. Commodity Futures Trading Commission (“the CFTC”) files a complaint, under seal, against Jacob Juma Omukwe (“Omukwe”) and his businesses, Jade Investments Group LLC (“Jade”), JadeFX LTD and JadeFX, LLC (“JadeFX”) for operating a fraudulent off-exchange retail foreign currency (forex) scheme and misappropriating customer funds in violation of the Commodity Exchange Act.

March 2, 2011: U.S. District Court Judge William M. Conley issues an emergency order, under seal, freezing defendants’ assets and prohibiting the destruction of books and records by Omukwe, Jade and JadeFX.

March 8, 2011: Judge Conley enters a consent order of permanent injunction finding that Omukwe, JadeFX and Jade violated the Commodity Exchange Act by making fraudulent solicitations on the website and misappropriating customer funds. The order requires defendants to pay restitution, disgorge ill-gotten gains and pay a civil monetary penalty to be determined within 180 days of the date of the order.

March 31, 2011: To facilitate the return of JadeFX customer funds and the creation of a customer restitution fund, CFTC sends letters to JadeFX customers requesting documents to verify their status as current JadeFX customers.

April 28, 2011 – CFTC sends follow-up letter to JadeFX customers requesting documents to verify account balances.

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Last Updated: May 11, 2011