de | cn | ru

Market News

SEC charges two individuals for participating in a Ponzi-like scheme

 

The United States Securities and Exchange Commission (SEC) has charged two individuals working at Nonko Trading with fraud on Wednesday. More specifically, the SEC alleges that Jeffrey Goldman and Christopher Eikenberry, both from Michigan, participated in a Ponzi-like scheme and pocketed over $1.4 million from more than 260 investors worldwide.  

 

Nonko marketed itself as a state-of-the-art platform for day-traders. However, according to the SEC, the company secretly provided customers with accounts that only mimicked actual trading. Victims, who were mostly inexperienced traders, believed that deals were real, but in fact their trades were never sent or executed in the market. 

 

As with other Ponzi-like schemes, the fraudsters allegedly pocketed money from the day traders and used it to fund their own lifestyles. They also made other Ponzi-like payments to those investors who asked to close their Nonko accounts.

 

Furthermore, the Chief of the SEC Enforcement Division’s Market Abuse Unit said that the two men from Michigan took steps to evade U.S. broker-dealer registration requirements. Of course, the SEC is seeking injunctions and the disgorgement of their allegedly ill-gotten gains, plus interest and penalties. 

 

The SEC has previously charged four other individuals and two entities in connection with the Nonko fraud. Two of those individuals, Naris Chamroonrat and Adam Plumer, have settled the SEC’s charges. Criminal charges against two other individuals charged by the SEC, Yaniv Avnon and Ran Armon, are still pending.  

 

TAGS: SEC  USA  US  Nonko trading  Ponzi 
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

More Forex Market News

Hong Kong’s SFC also blacklists GCG Asia

Jul 16 2019 15:08:47

  The Hong Kong Securities and Futures Commission (SFC) recently blacklisted unregulated brokerage Guardian Capital Asia (GCG Asia). Read more

German and Austrian police goes after several online financial scammers

Jul 15 2019 14:50:02

  Option888, XMarkets, TradeInvest90, ZoomTrader and TradoVest are being investigated by German and Austrian police for investment fraud and money laundering, the German public television reported, as quoted by the Times of Israel. Read more

ESMA warns forex brokerages not to circumvent its product intervention measures

Jul 12 2019 17:22:23

  The European Securities and Markets Authority (ESMA) has identified certain undesirable practices among CFDs providers, which raise concerns of non-compliance with the product intervention measures introduced a year ago. Read more

Spain’s CNMV blacklists Grand Capital, BinaryMate, FXTPremium, and more

Jul 11 2019 16:56:42

  Spain’s financial regulator, the CNMV, updated its warning list with a number of unregulated brokers on Monday: Grand Capital, BinaryMate, FXTPremium, VideForex, HQ BROKER, WellingtonInv, GlobalBCM. BitcoinTrader, and Smart Capital Advisor. Read more

Bitmarket closes up shop, hack suspected

Jul 10 2019 19:58:47

  Poland’s second-largest crypto exchange Bitmarket closed up shop on Tuesday, without any prior warning. According to a message posted a day earlier on the Bitmarket’s website, the exchange was forced to cease operations due to loss of liquidity. Read more

Austrian FMA flags unregulated brokerage Universe Markets

Jul 09 2019 15:31:55

    The Austrian Financial Market Authority (FMA) warns investors against dealing with Universe Markets and its parent WhiteSquare Trading Ltd. Read more

Capital FMI ends up on FCA’s warning list as a clone

Jul 08 2019 11:40:05

  Unregulated broker Capital FMI ended up on the warning list of UK’s Financial Conduct Authority (FCA) as a clone firm previous week. According to the regulator, the broker has been providing financial services or products in the UK, falsely claiming to be an authorised firm. Read more

CySEC blacklists FX Premium and a bunch of other unregulated brokers

Jul 05 2019 14:12:33

  The latest addition to the warning list of the Cyprus Securities and Exchange Commission (CySEC) are FX Premium and a bunch of other unregulated forex and binary options brokers. Read more

Spanish regulator updates its warning list with Traderia, Gainsy, ECNpremium, BinaryCent

Jul 04 2019 15:11:24

  The Comision Nacional del Mercado de Valores (CNMV) has updated its warning list with Traderia, Gainsy, ECNpremium, BinaryCent, Capital TradeFX, among others, earlier this week. Read more

FCA makes ESMA’s CFD restrictions permanent, but allows higher leverage on bonds

Jul 02 2019 18:53:27

UK’s Financial Conduct Authority (FCA) confirmed its decision to permanently restrict the sale of CFDs and CFD-like products on a national level earlier this week. Read more

de | cn | ru