This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

The U.S. Securities and Exchange Commission has requested a $45.9-million judgment against Jonathan Mimun, a Canadian accused of participating in a $50-million binary options scheme run from Israel. (All figures are in U.S. dollars.) The SEC said that Mr. Mimun and another man ran a boiler room that pitched investors options that would generate monthly returns of 25 per cent or more. In reality, investors lost nearly all of their money on trades that were rigged against them, the SEC claimed.

The proposed sanctions for Mr. Mimun are contained in a motion filed on Thursday, April 20, in federal court in Nevada. The $45.9-million includes disgorgement of $25.7-million in gains, plus $7.32-million in interest. The money represents the total amount that U.S. investors lost to the scheme. On top of that, the SEC is seeking a $12.8-million fine. The judgment would apply to Mr. Mimun and a co-defendant, Ronn BenHarav, with the men jointly responsible for the disgorgement and each individually paying a $12.8-million fine.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS