17:29:25 EST Thu 03 Dec 2020
Enter Symbol
or Name

Login ID:

SEC defendant Armon denies Nonko charges

2020-10-28 20:55 ET - Street Wire

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

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.

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

© 2020 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.