Articles Tagged with Naris Chamroonrat

The US Securities and Exchange Commission has filed securities fraud charges against Naris Chamroonrat of Thailand and American Adam L Plumer. The regulator contends that the two men ran a fake day-trading that collectively defrauded hundreds of investors in over 30 nations of over $1.4M. At least 180 of the investors are from the US, including several from New Jersey.

Chamroonrat purportedly recruited Plumer to bring in investors to engage in day trading via Nonko Trading, an unregistered broker-dealer. The firm promised low trading commissions, good leverage, and low deposit requirement minimums.

However, contends the regulator, rather than employing a live securities trading platform, the firm gave certain investors training accounts that simulated the execution and placement of their orders that were never actually sent to the markets. Instead, their money went toward Chamroonrat’s own expenses, payments to Plumer and others, and was used as Ponzi-like payments to investors who decided close their accounts. The Commission believes that the day trading scam purposely targeted novice investors who were more apt to make trades that were not profitable, less likely to attempt to take money out of their account, and more prone to assuming that their investment losses were from trading and not because of fraud.

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