The United States Commodity Futures Trading Commission (CFTC) has confirmed that it was unable to effect service of complaint on all defendants in a lawsuit against fraudulent Forex scheme ROFX. This becomes clear from a status report submitted by the regulator at the Florida Southern District Court on February 11, 2022.
The document, seen by FX News Group, says that, as of February 11, 2022, the CFTC has served eight of the ten defendants with the Summons, Complaint, and all other filings to date.
Let’s recall that, in this case, the CFTC alleges that from at least January 2018 through September 2021, Jase Davis, Borys Konovalenko, Anna Shymko, Alla Skala, and Timothy Stubbs, individually and as the controlling persons of the interrelated companies Notus LLC d/b/a ROFX, Easy Com LLC d/b/a ROFX, Global E-Advantages LLC a/k/a Kickmagic LLC d/b/a ROFX, Grovee LLC d/b/a ROFX, and Shopostar LLC d/b/a ROFX, acting through, and/or in conjunction with, the web-based entity ROFX.net, acting as a common enterprise, misappropriated at least $58 million as part of a fraudulent scheme in, and/or in connection with, the offering of leveraged, margined or financed agreements, contracts, or transactions in retail Forex to U.S. and international customers who were not eligible contracts participants (ECPs).
Although the CFTC has successfully located and served eight of the ten defendants, two remaining individual defendants have not been formally served. The CFTC has been unable to serve Defendants Jase Davis and Timothy Stubbs at their respective last-known addresses in the United States despite multiple attempts on multiple days.
- Defendant Jase Davis resides in Brandon, Mississippi, and upon information and belief, was born in Ukraine. Davis purchased Easy Com from Anna Shymko in November 2020. He represents himself as the sole member of Easy Com and is the sole signatory on two Easy Com bank accounts at Bank of America and JP Morgan Chase, into which he accepted over $15 million in ROFX customer funds during the Relevant Period. Davis has never been registered with the CFTC in any capacity.
- Defendant Timothy Stubbs is a U.S. citizen who, upon information and belief, is a Certified Public Accountant residing in Brandon, Mississippi and/or the Atlanta, Georgia area. Upon information and belief, Stubbs resides or resided at one or both of the Brandon, Mississippi addresses provided on various Notus and Shopostar corporate filings with the Colorado Secretary of State. Stubbs represents himself as the manager of Grovee and is the signatory on a Grovee account at Bank of America into which he accepted $153,000 in customer funds during the Relevant Period. Stubbs personally accepted funds from this account and other Corporate Defendants’ bank accounts accepting ROFX customer funds. He has never been registered with the CFTC in any capacity.
In this action, the CFTC seeks civil monetary penalties for each violation of the Act and Regulations, and remedial ancillary relief, including, but not limited to, disgorgement, pre- and post-judgment interest, and such other relief as the Court may deem necessary and appropriate.