Texas Stops Far-Reaching Online Forex Trading Scheme

Nov 24

Securities Commissioner Travis J. Iles entered an Emergency Cease and Desist Order to stop an aggressive online forex scheme from defrauding the public.

The order found Ameral and TradeGo Forex Exchange have published more than 250 advertisements in craigslist, a popular online marketplace. The advertisements allegedly target residents of Dallas and Houston, as well as residents of other cities located throughout the United States.

The pitch is simple: TradeGo Forex Exchange, Ronald Ameral, David Nielson, and Brandon Newbern are allegedly touting a trading program tied to forex, as well as oil, gold, and stocks. They collectively claim it is low-risk and will generate significant profits – as much as $1000 to $5000 per day, according to the order.

The order alleges the parties are engaging in a scheme to gain control of investor principal. For example, the parties are directing potential investors to provide credentials for trading accounts and to deposit principal in bank accounts – but the bank accounts are not controlled by a trading company, and instead allegedly personally owned by Ameral and Newbern. The order found parties are commingling deposits in the accounts with funds from various sources and not using monies in the accounts for expenses associated with forex trading.

The parties also claim to be experienced forex traders, but they are not registered with the Commodity Futures Trading Commission or the National Futures Association. They are also not registered with the Securities Board to sell the investments in the trading program.

The order also found that TradeGo Forex Exchange is operating under various names, such as Tradego Forex Global Wealth Group and Forex Global Wealth Group. It also found that Ronald Ameral is using various aliases, such as Greg Ronald.

Contact: Joe Rotunda, Director of Enforcement, at jrotunda@ssb.texas.gov or 512-305-8392.