The Texas State Securities Board, or TSSB, has recently issued out a new cease and desist order. This order, sent on Tuesday, was sent against “TradeGo Forex Exchange,” including three individuals involved with the fraudulent FX trading platform.
TradeGo Getting The Boot
In particular, the TSSB had mandated TradeGo to close up shop due to charges leveled against its Principals: David Nielson, Ronald Ameral, and Brandon Newbern. These three individuals are charged with defrauding various investors by way of unauthorized solicitation of investments.
The TSSB, through its charge sheet, claims that TradeGo Forex Exchange had been operating under an array of names, two of which including Forex Global Wealth Group and TradeGo Forex Global Wealth Group.
The Usual Fraudulent Operations
Ameral himself goes by a number of aliases, as well, such as Greg Ronald. Ameral had advertised his fraudulent firm by way of Craigslist, claiming that a trading program tied to commodities, forex, and stocks boasts high profitability. This fraudulent scheme operated much like many others of its ilk, pooling money from investors through banks that had been personally owned by both Newbern and Ameral.
The most recent ad from the group, posted on Craigslist, is claiming low-risk FX trading activity. As is the norm with scams like this, promises of 500% in profits are dolled out: a user need only make a minimum investment.
The cease and desist order, which is non-appealable, shows that the TSSB had investigated the registration requirements of the federal securities laws, and how compliant TradeGo was with this.
As such, the order concludes that the TradeGo Forex Exchange operatives do not hold the proper registrations from either state or federal regulators, thus not being recognized as dealers. As such, these operators took part in fraud, selling Texans securities illegally.
TSSB Doubling Down On Anti-Fraud
This TSSB has been hounding fraudulent schemes within the state. Shortly prior to this order, an array of binary options, FX, and cryptocurrency brands had been ordered by the regulator to cease all operations. It’s claimed by the TSSB that these fraudsters openly advertised double-your-money scams to the public at large.
It seems that the TSSB is keen on renewing its anti-fraud efforts, working hard to keep its territory clean of fraud. With the sheer amount of money flowing through the finance industry on a daily basis, scams will be a fact of life until the sector somehow stops making money. Since that’ll never happen, it’s important for users to know when an offer is too good to be true.