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by Mike Caswell

Adam Plumer, a Las Vegas man charged for his part in a fraudulent on-line trading firm partly run from Toronto, has settled the case out of court. He has agreed to pay $15,500 and to accept an injunction barring future violations. (All figures are in U.S. dollars.) He accepted the small penalty without admitting any wrongdoing.

The settlement is part of a case that the U.S. Securities and Exchange Commission filed against Mr. Plumer and others, including Toronto's Ran Armon, for running a purported on-line trading platform. The SEC said that the group accepted deposits from 260 clients but did not use the money for trading. Instead, clients received an account in a simulated trading platform, according to the SEC. Investors suffered losses that the SEC calculated to be $1.4-million.

The minor sanction for Mr. Plumer is contained in a judgment entered on Nov. 21, 2017, in New Jersey. The judgment acknowledges that Mr. Plumer's gains from the scheme exceeded his penalty, but states that the SEC is only seeking a small sanction based on a statement of his financial condition. (In other words, he successfully persuaded the regulator that he has little money.) The judgment states that Mr. Plumer would otherwise have been liable for $67,468 in disgorgement plus a fine.

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