November 25, 2020 | AtoZ Markets – The Texas Securities Board (TSSB) has issued an order to terminate TradeGo Forex Exchange and three individuals involved in the fraudulent scheme.
Texas regulator accused TradeGo of investment fraud and extortion
The Texas Securities Commissioner ordered TradeGo to cease operations on the grounds that its management - Ronald Ameral, David Nilsson, and Brandon Newburn - were accused of investment fraud and extortion.
In the indictment, the TSSB claims that TradeGo Forex Exchange operates under a variety of names such as TradeGo Forex Global Wealth Group and Forex Global Wealth Group.
Ameral, also known as Greg Ronald, advertised on craigslist.org a trading platform promising high returns on investments in currencies, commodities, and stocks. Investors' money, meanwhile, went directly to the bank accounts of Ameral and Newburn.
The latest ad on Craigslist claims that forex trading is risk-free and potential clients can make 500% profit in just one day with minimal investment.
In a non-appealable termination order, the Texas regulator also cites non-compliance with federal securities laws. In addition, the document states that TradeGo Forex Exchange operators are not registered as dealers with federal or local regulatory agencies. Thus, by offering their products to Texas residents, they are engaging in investment scams.
Texas has shut down 15 brands
The news came shortly after the TSSB shut down 15 brands in the Forex, binary options and cryptocurrency markets, claiming that investment scams are mostly attracting victims with the promise of quick profits.
The ten brands named in the first notice include Proactive Expert Trading, Reliable Miners, BitcoinFX Options, Sure Trade Earnings, CryptoTradeFXWay, Proactive ExpertTrade, ReliableFX Internal Trade, MaxFX Internal Trade, AntPoolTop Mining, and ExpertTrades247.
Read also: Is Ultra BTC Mining Scam? Texas Regulators Issue Cease and Desist Order
In addition, three more online platforms, according to the regulator, attracted investments through telephone fraud. The brands Binary Trade Forex, FX Trades, and IQTrade have all claimed to have regulatory approval to promote clearly fraudulent schemes. They fed victims with inflated promises and a 100% money-back guarantee.
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