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by Mike Caswell
Ran Armon, a Toronto man facing charges in the United States over a phony on-line trading platform, has responded to the case, denying any wrongdoing. He says that others ran the platform, which was called Nonko Trading, and he was unaware of any efforts to mislead investors. He simply trained traders, with some of those traders deciding to use Nonko.
The statements from Mr. Armon come in response to parallel civil and criminal actions in which the U.S. Securities and Exchange Commission and the U.S. Department of Justice claim that he and others were behind a $1.4-million fraud. (All figures are in U.S. dollars.) He and others ran a supposed on-line trading platform that accepted deposits from clients, but only gave them simulated accounts, the government says. The men targeted traders who appeared inexperienced and likely to lose money, according to the government.
Until now, Mr. Armon has had little to say in response to the charges and had been ignoring SEC's civil case entirely. As a result, the SEC has been seeking a $535,309 default judgment against him. The SEC said that it had served him with the charges through the Ontario Ministry of the Attorney General, but he had failed to respond.
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