By Jason Amada – April 19th, 2020

CFTC Files complaint against Jason Amada & my brand

The US Commodity Futures Trading Commission has filed and settled enforcement actions against the
Amada brand and my business on Friday. The revealed FX scam, they claim was about marketing passive
returns through my “bogus” foreign currency trading venture.

CFTC has fined me (Jason Amada) and company Amada Capital Management LLC, both of New York,
with penalties totaling $596,700. This amount is inaccurate and not reported correctly.

“Former Wall Street stockbroker, held himself out to the public as an experienced FX trader. He also
presented himself as the operator of multiple investment funds”. Another claim that is not true. I was
not a Wall Street Stockbroker and didn’t deal with stocks.

“From October 2013 proceeding through December 2018, the defendants fraudulently solicited retail
investors to open forex trading accounts. This was by misrepresentation of their experiences and
profitability, among other things”. Another claim that has no basis in facts.

“Jason has led the Forex Ponzi scheme and had made several violations. In fact, these included
fraudulent solicitations, false statements, and fraudulent misappropriation, claims the CFTC. He has
created numerous fake account statements, using them as tools to mislead investors about the status of
their investments”, they continued.

Jason Amada Pleaded Guilty?

“In a separate action brought by the New York State Office of the Attorney General, Jason pleaded
guilty. He was guilty of felony charges of grand larceny and operating a scheme to defraud. He was
sentenced in a New York court in 2019 to three to six years in prison. This was after signing confessions
of judgment in favor of his eight victims”. Again, the facts as stated are not accurate.

“A year before, he was arrested on charges of fraudulently soliciting a client to invest nearly $300,000.
And then losing 99% of her principal investment in less than two months of aggressive trading. Following
his arrest, more victims reported that they had invested and lost money with him under similar
circumstances. In reality, Amada spent all the sent money on his own expenses. The offender was also
paying some of the money to several investors so that his scheme would stay unrevealed”, claims the
regulators. These are just more examples of parts of the complaint I pulled out that show the
misrepresentation by the regulators.

The CFTC said the recent action should set a precedent for enterprises that fail to comply with the
commission’s requirements. Furthermore, the case highlights concerns about the risks posed by
managed trading schemes. Maybe they should start looking to the brokers that are manipulating the
rules the CFTC has set forth. The regulator says it has seen an increase in websites that fraudulently
promote such products and its related advisory services, but unfortunately in this case they got it wrong.