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Fake Day-Trading Firm Duped Inexperienced Investors - SEC
December 21, 2016
[Photo: DayTradingAcademy.com]
The SEC charged 2 men behind Nonko Trading, a phony day-trading firm, with pocketing more than $1.4 million in deposits from hundreds of defrauded investors worldwide. The SEC alleges the following:
- Naris Chamroonrat of Bangkok, Thailand, recruited Adam Plumer of Las Vegas to help him lure investors to day-trade through an unregistered brokerage firm Fcalled Nonko Trading with promises of generous leverage, low trading commissions, and low minimum deposit requirements.
- Rather than using a live securities trading platform, Nonko provided certain investors with training accounts that merely simulated the placement and execution of trade orders.
- When these investors sent funds to Nonko Trading and proceeded to place trade orders, they were never actually routed to the markets.
- Investor money was instead used on personal expenses, salaries to Plumer and others, and Ponzi-like payments to investors who asked to close their accounts.
In a parallel action, the U.S. Attorney’s Office for the District of New Jersey today announced criminal charges against Chamroonrat.
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