Toronto man participated in $1.4M international investment scam

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A 45-year-old Toronto man allegedly helped defraud investors of $1.4 million in a worldwide scheme along with a man from Tel Aviv, Israel and Bangkok, Thailand.

Ran Armon, of Toronto, and two other men stole at least $1.4 million from the accounts of clients at Nonko Trading, a purported day trading firm owner by Naris Chamroonrat of Bangkok.

Between December 2013 and 2015, the men targeted inexperienced investors who were likely not to be profitable, convincing them to sign up for simulated trading accounts used for demonstration purposes, which the clients were told were real, authorities said.

The men would later steal money from the accounts and blame the loss on market activity, according to prosecutors, who say the victims included more than 260 investors from 30 countries.

Read more at NJ

This article is summarized by Canadian Fraud News Inc.