CFTC goes after forex broker JAFX for accepting US clients

The U.S. Commodity Futures Trading Commission (CFTC) has filed a civil action against forex broker JAFX, accusing it of soliciting and accepting US customers in violation of the Commodity Exchange Act and agency rules.

More specifically, the CFTC’s complaint was filed on July 27, 2018 in the U.S. District Court for the District of Utah. It alleges that JAFX has been the counterparty to leveraged, retail forex transactions for customers located in the United States from September 2016 to present. The CFTC also alleges that the broker misrepresented its profit probability and risk of loss to customers.

 

and they found a way around and reintroduced themselves as Hugosway accepting US clients! I read on FPA one of the reviews said hugos is copycat version of JAFX. Tested both of them & was amazed to see the feed similarities. Once a cheater always a cheater. https://www.forexpeacearmy.com/community/threads/jafx-scam-2016-2017-pyramid-scheme.51883/

 

I had heard of Hugosway, but I had no idea it was the same broker.

 

Yes! actually i was with JAFX in the past but then shit happened and they denied my withdrawal. Now a friend of mine signed up with hugosway after read all good things online and was shocked surprised to see the similarities and showed them to me. And they are stupid as it gets, the same affiliates who were promoting jafx now promote hugosway LOL and they think cftc will not know

here's a conversation that started about them on fpa. I'll be watching this space and here's a link if you fancy https://www.forexpeacearmy.com/community/threads/scam-alter-hugosway.58270/

 

Thank you for that information, I will look it up. That's so wild.

 

Does it regulated enough to accept US clients or did that without any legal rights?

 

That broker did not have US regulation but accepted US clients which is why SEC went after them.