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by Mike Caswell

The U.S. Securities and Exchange Commission has won a $989,696 judgment against Naris Chamroonrat, the owner of a fraudulent on-line trading firm. (All figures are in U.S. dollars.) The SEC said that the firm, which included Toronto's Ran Armon, accepted deposits from 260 clients but did not use the money for trading. Instead, the clients were directed to a simulated on-line trading platform.

The SEC announced the penalty for Mr. Chamroonrat on Thursday, Sept. 28. In addition to the fine, the judge imposed an injunction barring future violations. The sanction came without a trial, as Mr. Chamroonrat previously pleaded guilty to related criminal charges.

The penalty for Mr. Chamroonrat comes with his Canadian co-accused, Mr. Armon, having yet to answer the charges. Through his lawyer, he has requested an extension until Nov. 1, 2017. Undoubtedly more concerning to U.S. authorities is the fact that Mr. Armon has yet to appear in the criminal case, where he remains wanted on a May 10, 2017, indictment.

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