US CFTC Charges PrimeFX for $1.2 Million Forex Fraud

Fazzaco learned that the Commodity Futures Trading Commission has filed a civil enforcement action in the U.S. District Court for the District of Massachusetts against PrimeFX.org operators, who were running the fraudulent forex and Bitcoin scheme. They misappropriated over $1.2 million in clients' funds.

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There are 8 individuls for running the scheme: Uduakobong Udo Inyangudo a/k/a Alexander Uti Bassey of Lagos, Nigeria; Vanessa B. Okocha of Houston, Texas; Amen M. Okundaye of Houston, Texas Charles A. Ochi of Grant Prarie, Texas; Diego I. Okeh of Brooklyn, Maryland; Daniell N. Liggins of Dallas/Ft. Worth, Texas; Victor O. Edeh of Waltham, Massachusetts; and Tochukwu Edeh of Jacksonville, Florida. 

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The complaint alleges that, during approximately June 2016 to February 2019, the defendants used Primefx.org to fraudulently solicit and subsequently misappropriate over $1.2 million from U.S. and international customers, as part of a coordinated scheme, for purported trading in foreign currency (forex) and Bitcoin. During the period, Uti was the administrator of the website and was responsible for managing the domain.