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.
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.
Trading psychology is integral to financial markets, profoundly influencing traders' and investors' decision-making processes and… Read More
Quick Look: Keith Gill's social media post reignited meme stock rallies, with GameStop shares leaping… Read More
Quick Look: Anglo American declined a $43 billion takeover bid from BHP Group, citing undervaluation.… Read More
Quick Look: Germany, Europe's economic powerhouse, faced unique challenges last year, including a loss of… Read More
Quick Look: Floki (FLOKI) surges by 17% in 24 hours, reaching $0.0001883, with a target… Read More
Quick Look: Keith Gill's return to social media sparked a 34% surge in PEPE cryptocurrency,… Read More