Jason Amada

Quick summary on Jason Amada

Jason Ari Amada, a former stockbroker from Forest Hills, Queens, New York, was involved in a fraudulent foreign exchange (forex) trading scheme that defrauded investors of significant sums. His actions have led to legal repercussions and highlight the importance of vigilance in financial investments.

Background and Fraudulent Activities: Amada operated under the guise of an experienced investment manager and forex trader. Between 2015 and 2018, he solicited over $680,000 from at least 18 clients, promising to invest their funds in forex trading through his company, Amada Capital Management LLC. Instead of investing the funds as promised, Amada misappropriated a substantial portion for personal use and issued falsified account statements to conceal his misconduct.

Legal Proceedings and Sentencing: In November 2019, Amada was sentenced to three to six years in prison by the New York County Supreme Court after pleading guilty to charges related to his fraudulent activities. The Commodity Futures Trading Commission (CFTC) also filed a civil enforcement action against him, resulting in a consent order requiring Amada and his company to pay restitution of $680,000 and a civil monetary penalty of $100,000.

Conclusion: The case of Jason Amada serves as a cautionary tale about the potential risks in forex trading and the necessity for thorough due diligence before entrusting funds to investment managers. It underscores the importance of regulatory oversight in protecting investors from fraudulent schemes.