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by Mike Caswell
The U.S. Securities and Exchange Commission has permanently banned Ran Armon, a Toronto man who was part of the Nonko Trading fraud. The SEC said that he and others ran a phony on-line trading platform that defrauded investors of a combined $1.4-million. (All figures are in U.S. dollars.) Nonko accepted deposits from clients but only gave them practice accounts, according to the SEC.
The ban for Mr. Armon is contained in an administrative order that the SEC released on Jan. 7, 2022. The order permanently bars him from penny stocks and from associating with any brokerage. It includes provisions that prohibit him from acting as a promoter, finder or in any capacity where he would attempt to induce the purchase or sale of a penny stock. The ban represents a negotiated settlement, in which Mr. Armon has not admitted any wrongdoing.
The ban adds to any fines that Mr. Armon receives in a related civil action that the SEC is pursuing against him in federal court. The SEC is seeking a $160,000 fine plus disgorgement of $297,585 in gains. The judge has yet to rule on the matter.
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