NY-AG v. Jason Ari Amada

Jason Ari Amada allegedly falsely claimed to be a broker to lure an investor into giving him $250000. Amada appears to have executed a contract committing to no loss greater than one percent and that he wouldn’t take any commission unless he generated a profit, but still proceeded to engage in an aggressive day-trading strategy that generated over $150000 in fees and commissions for himself – while resulting in the loss of over 99% of the investor’s money. Amada allegedly failed to disclose his expired license, lost his clients’ investment, and diverted $20000 to his personal account. According to NY-AG, Amada allegedly fraudulently solicited a client and promised to save her the exchange fees. Amada allegedly misrepresented his professional experience and his company’s historical profits and then convinced his client to open an online retail foreign exchange trading account and transfer control of approximately €250000 to Amada. Amada also allegedly failed to disclose that his broker’s license had expired three years prior. Amada allegedly engaged in an aggressive and speculative day-trading strategy involving foreign currency orders, which generated commissions for Amada regardless of whether the trades resulted in a profit or loss for his client. Amada allegedly transferred some of his commissions back into the trading account. Amada also allegedly diverted over $20000 to his own personal account. Amada allegedly created a fake account statement.

Summary generated from official New York Attorney General press release