On Thursday (May 11, 2023), a judge in the U.S. District Court for the Southern District of Florida rejected an investor's application for class certification of the allegedly fraudulent forex platform RoFx, saying the investors had not determined which jurisdiction would govern their claims.

The case revolves around RoFx.net, a now-defunct website that claimed to have "forex trading AI" and promised customers passive income. It closed in September 2021, just over a week before the investors filed their lawsuit.

According to the investors' lawsuit, which seeks class certification for common law fraud and unjust enrichment claims, between 2018 and 2021, the operator, "RoFx," composed of Ukrainians, operated a fake forex trading service platform through a website, RoFx.net, based in Jacksonville, Florida. RoFx claims to have artificial intelligence software to trade forex on behalf of clients; Clients only need to remit their funds to RoFx, and they can earn a lot of passive income.

Using a sophisticated website, an active customer service team, invoices, account statements, reports of forex activity on third-party websites, as well as promotions through advertising and sponsored articles, and even allowing some customers to withdraw limited funds, the RoFx operator carried out the fraud over several years.

However, many investors have testified that the RoFx platform is a fake trading platform, there is no trading algorithm, there is no registered company and regulatory qualifications, customers' funds have not really entered the market, and online advertising is false and exaggerated, aiming to defraude RoFx customers' funds.

The scheme defrauded investors of nearly $75 million. The CFTC also filed charges against some of the RoFx defendants, estimating that investors lost at least $58 million.

However, the investors' claims are governed by the laws of different jurisdictions, and the court denied their motion for class proof because the plaintiffs failed to meet their burden of proving that a common legal issue predominated in this action.

The court said investors can file a new motion on or before May 31, 2023, if they believe they can adequately address the deficiencies.

RoFx is an unregulated black platform

As early as 2020, it has been identified: the RoFx platform is not compliant and is an unregulated platform!

After inquiry, the platform did not publish any regulatory information on the web page, generally a regulated platform will publish supervision in a prominent position, so that users can verify, it should be a platform that is not subject to any regulation!

Once again, before trading and investing, we must review the compliance of the platform, and if we accidentally fall into the black platform, we must stop our losses in time! Black platform packaging is better, but as long as you have the heart to check, you can uncover its false coat, such as their lazy query, I can enter the platform name for a second query, platform query fruitless, I can also submit a consultation, we free for you to query and reply.