It's interesting to note that there is no mention in the CFTC complaint of any connection to Belize.
Originally Posted by pipette2010
One individual, and the two companies he allegedly controlled, were all located in the state of Wisconsin.
Here are two paragraphs copied and pasted from the CFTC press release:
Washington, DC – 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 jadefx.com. None of the defendants has ever been registered with the CFTC.
The CFTC complaint alleges that, from at least June 2009 through the present, Omukwe, Jade FX and Jade fraudulently solicited and misappropriated more than $3.2 million from more than 500 customers in the United States and throughout the world to trade forex. Contrary to Omukwe’s representations, only a fraction of customer funds were traded and most of the funds were misappropriated. In addition, the complaint alleges that JadeFX and Omukwe failed to register as a retail foreign exchange dealer (RFED) and associated person (AP) of an RFED, respectively, as required under the Commodity Exchange Act (CEA) and CFTC regulations.
Here is a link to the entire CFTC Press Release.
Evidently, Jade claimed to be domiciled and registered in Belize. And some former customers of Jade have referred to Jade as a Belize broker, as well. But, who knows? If this broker was a scam, as the CFTC alleges, the connection to Belize could have been part of the fraud.