This week, more precisely on Tuesday, Texas State Securities Board (TSSB) issued a cease and desist order against ‘TradeGo Forex Exchange’ as well as three individuals involved in a phony FX trading scheme. It is worth noting that, by order of the Texas Securities Commissioner, shut down TradeGo operations on charges of defrauding people by soliciting unauthorized investments, perpetrated by its principals Ronald Ameral, David Nielson as well as Brandon Newbern.
People should keep in mind that, in its charge sheet, TSSB alleges that TradeGo Forex Exchange is operating under various names. Specifically, it operates as TradeGo Forex Global Wealth Group and Forex Global Wealth Group.
This is not the end of the story, Ronald Ameral, who also goes by various aliases such as Greg Ronald, advertised on craigslist.org, for touring profitability of a trading program tied to forex, commodities as well as stocks. Importantly, the fraudulent scheme pooled money from investors through bank accounts. Notably, the accounts belong to Ameral and Newbern.
Forex exchanges and illegal activities
According to their most recent Craigslist ad, FX is a low-risk trading activity. Moreover, this ad falsely promises that with a minimum investment, potential customers could earn 500% profit in just one day. The Texan regulator investigated compliance with the registration requirements of the federal securities laws. This is based on the information taken from a non-appealable cease and desist order. Notably, the operatives of TradGo Forex Exchange are not registered with the federal or state regulators as dealers.
It is worth noting that TSSB is working hard to identify illegal activities. Recently TSSB ordered 15 forex exchanges, binary exchanges, and cryptocurrency brands to cease operations immediately. According to the regulator, the investment fraudsters are operating double-your money scams. The cases mentioned above once more underlined the importance of the Texas State Securities Board. Hopefully, many forex exchanges follow the rules and regulations.