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SEC seeks $535,309 (U.S.) fine in phony trading scheme

2020-03-24 16:39 ET - Street Wire

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by Mike Caswell

The U.S. Securities and Exchange Commission has asked a judge to impose $535,309 in penalties on Ran Armon, a Toronto man charged as part of the Nonko Trading fraud. (All figures are in U.S. dollars.) The SEC claims that he was part of a group that ran a phony on-line trading platform, called Nonko Trading, that defrauded investors of a combined $1.4-million. Nonko accepted deposits from clients but only gave them practice accounts, the SEC says.

The proposed penalties for Mr. Armon, 47, are contained in a motion that the SEC filed on March 13, 2020, in federal court in New Jersey. The SEC is asking that he and others be held jointly liable for a portion of the gains from the scheme, in the amount of $297,585, plus interest. The regulator is also asking that the judge order Mr. Armon to pay a $160,000 fine and that the judge enter an order barring future violations.

For Mr. Armon, the proposed sanctions will be a default judgment, as he has ignored the SEC's case entirely. The SEC served him with its complaint through the Ontario Ministry of Attorney General, which presented the document in person at Mr. Armon's home on June 16, 2017. He had 21 days to respond, a deadline that has, of course, long since passed.

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