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Amada claimed to be a profitable forex trader and investment management business owner. He claimed a specialty in forex trading. He revoked his broker license in 2012 for concealing vital information. Let’s get his background before going into his case:
About Jason Amada NY
Former stockbroker Jason Amada NY, who hails from the neighborhood of Forest Hills in Queens, was found guilty of his role in a fake foreign currency trading business and received a term as a result of the conviction.
Jason Amada NY, age 42, was found guilty of stealing almost $489,000 from unaware individuals who had trusted in his fraudulent investment plans. The victims had put their faith in Amada’s schemes, but they had no idea what they were getting themselves into.
His actions have justly earned him a position in the annals of monetary misconduct since he exploited deception and dishonesty to cheat others who had entrusted him with their hard-earned resources. His activities appropriately secured him a place in the chronicles of financial misconduct.
The conviction of Jason Amada NY and the subsequent punishment, which took place in the New York County Supreme Court, led to a jail sentence that ranged from three to six years. This verdict is a testimony to the gravity of his actions, which not only involved losing huge amounts of money belonging to his clients as a result of irresponsible trading but also involved misappropriating those investors’ funds to exploit them for his gain.
In the business realm of finance, where honesty and openness are considered to be of the utmost importance, Amada’s activities serve as a harsh reminder of the penalties that are in store for those who disregard the laws and prey on others who are unaware of the dangers they are in danger of falling victim to.
Jason Amanda NY: Found guilty of investor fraud, but how?
Jason Amada was given a sentence ranging from three to six years in custody for defrauding investors out of more than $489,000. The scheme lasted for three years and included the trading of foreign currencies.
Former stockbroker Jason Amada NY, from Forest Hills, Queens, was convicted and sentenced for stealing more than $489,000 from victims who participated in his fraudulent foreign currency trading company New York Attorney General Letitia James, made the announcement.
Jason Amada NY was sentenced for taking money from victims who had invested in his fraudulent venture. After Amada signed an admissions verdict on one of his eight victims, he was sentenced to anywhere from three to six years in jail by the Supreme Court of New York County.
Attorney General James highlighted that persons who work on Wall Street are required to comply with the regulations just as much as those who work on Main Street are required to do so.
She pointed out that Jason Amada NY did not put his customers’ assets in successful funds, but rather participated in a risky activity that resulted in huge losses for his investors. She said that this was one of Jason Amada’s most egregious transgressions. In addition to this, she brought attention to the fact that Jason Amada NY had further deceived investors by using their money as if it were his piggy bank.
Additionally, he had progressed his plan by presenting bogus account statements that erroneously stated he was earning money for them. This was done to deceive them into continuing to work with him. She claimed that her office would make use of all of the resources at its disposal to guarantee that offenders would be brought to justice since nobody is above the law.
Before the Honorable Maxwell Wiley in the New York County Supreme Court in September, Jason Amada NY entered a guilty plea to the charges of Grand Larceny in the Second Degree, which is a Class C felony, and Scheme to Defraud in the First Degree, which is a Class E felony. Both charges represent felonies of the Class E category.
The Criminal Enforcement and Financial Crimes Bureau of the Attorney General was successful in having both sets of allegations against him settled as a result of his guilty pleas. Jason Amada NY was taken into custody on August 29, 2018, on an indictment accusing him of fraudulently persuading a customer to invest €250,000 and then destroying 99% of her capital in less than 45 days of active foreign currency trading.
The accusation was based on allegations that Jason Amada NY engaged in these activities to get financial gain for himself. After his arrest, more victims came forward to say that they had also invested money with Amada and then lost it under circumstances quite similar to those described in the previous victims’ accounts.
Between March 2015 and November 2018, the Office of the Attorney General issued charges against Jason Amada NY relating to complaints brought forward by seven additional victims who were illegally persuaded to invest with Amada.
These victims’ claims relate to allegations that Jason Amada NY engaged in fraudulent activity to solicit investments from them. Throughout the scheme, Amada scammed investors out of a total of more than 489 thousand dollars.
Jason Amada NY presented himself to the general public as a seasoned trader in foreign currencies (also known as Forex), as well as the owner and operator of many authorized investment management organizations. On the other hand, he did not reveal to his victims the fact that he had not had a licensed broker position since the year 2012.
Jason Amada NY also failed to disclose the fact that the many businesses he claimed to be affiliated with, such as Amada Capital Management, LLC, Amada Capital, LLC, and Evolution FX Trading, were nothing more than shell organizations and did not have any employees or actual activities. They also weren’t authorized to trade foreign currency with any of the regulatory agencies that oversee such activities.
Jason Amada NY convinced his victims that he could trade Forex in a risk-free manner and that he would use tactics to save their cash to safeguard their investments. This allowed him to coerce his victims into making financial transactions with him. One of his victims, for instance, was led to believe by his deception that she couldn’t possibly lose more than one percent of the whole amount she had invested.
Jason Amada NY deceived one of his victims into thinking that he was going to employ a hedged approach to reduce the likelihood of incurring any losses. Amada employed highly leveraged, aggressive trading strategies that resulted in the quick and full dissipation of his victims’ monies, while at the same time collecting over $150,000 in commissions and other costs for himself. This was in contrast to the fraudulent statements that Amada made to his victims.
Jason Amada NY not only used trading tactics that had a significant level of risk, but he also used the money of his investors to pay for some of his needs. Amada misappropriated money by moving it from business financial accounts into his private banking accounts and, on occasion, he simply cashed the victim’s investment cheques.
The money was transferred via business bank accounts. Jason Amada NY used the money from investors to pay for things such as travel, eating out, clothes, credit card bills, installment loan contributions to relatives and close associates, the purchase of cryptocurrencies, and even online gambling between the years of 2015 and 2018. In addition, he withdrew more than $83,000 in cash over this period.
By giving his victims fake account statements, Jason Amada NY was able to keep his trading losses and the stolen money from investors a secret, which helped him move his plan forward. Every month, Amada fabricated the specifics of lucrative transactions so that he could incorporate them into the complex statements that he would write to his victims. These statements revealed growing account balances and expanding earnings.
Not only did these faked statements cover up Amada’s criminal activity, but they also allowed him to persuade some of his victims to keep investing in his business. Some of Amada’s victims were kept in the dark for years on the status of their investments thanks to Amada’s deception. They didn’t find out the truth until after they requested that Jason Amada NY refund their money and he was unable to do so.
Trial Attorney Nicholas Sloey, Senior Trial Attorney Rachel Hayes, and Futures Trading Investigator Elsie Robinson of the Commodities and Futures Trading Commission (CFTC), as well as Thomas Carocci of the Financial Industry Regulatory Authority (FINRA), are to be thanked by the Office of the Attorney General for their invaluable assistance in the investigation of this case.
Investigator Brian Metz was in charge of carrying out the investigation, and he did so under the direction of Supervising Investigator Michael Leahy and Deputy Chief John McManus. Oliver Pu-Folkes, who holds the position of Chief, is in charge of the Investigations Bureau. Michelle Skripko, a Principal Forensic Auditor, was the one responsible for carrying out the audit job. Sandy Bizzarro, who is now serving in the role of Deputy Chief, is in charge of the Forensic Audit Section.
The case is being investigated by Deputy Attorneys General Fred Wyshak and Jeff Linehan, with the help of Legal Assistance Analyst Ivan Ramirez and Supervising Legal Support Analyst Paul Strocko – all of whom operate for the Criminal Enforcement and Financial Crimes Bureau.
The Criminal Enforcement and Financial Crimes Bureau is a bureau of the Division of Criminal Justice, which is overseen by Chief Deputy Attorney General Jose Maldonado and First Deputy Attorney General Jennifer Levy. The Criminal Enforcement and Financial Crimes Bureau is directed by Bureau Chief Stephanie Swenton and Deputy Bureau Chief Joseph G. D’Arrigo. Stephanie Swenton is the current Bureau Chief. Joseph G. D’Arrigo is the current Deputy Bureau Chief.
Former broker Jason Amada NY was found guilty of cheating investors out of more than $489 thousand via a fraudulent foreign currency trading scam that he ran from 2015 to 2018. He received a sentence of three to six years in jail for his role in the conspiracy.
He gave the impression that he was an accomplished trader while concealing the truth that he had not had a broker’s license since the year 2012. He depicted himself in a misleading light. As a result of the investigation, he was charged with various crimes, and he ultimately entered a guilty plea for grand theft and conspiracy to defraud.
Previous problems were brought to light by Amada’s history of working with securities companies. This case demonstrates the significance of holding wrongdoers in the financial sector responsible and sends a loud and clear message that deceptive actions in the securities business will be met with legal repercussions.
I have discovered the FINRA reports of Jason Amada NY which are mentioned below with links: