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by Mike Caswell

Toronto's Ran Armon has avoided jail in the United States for the Nonko Trading fraud, in which he and others ran a phony on-line trading platform that defrauded investors of $1.4-million. (All figures are in U.S. dollars.) The government claimed that Nonko accepted deposits from clients but only gave them practice accounts. The group targeted investors who were inexperienced or had a history of trading losses.

Mr. Armon appeared for sentencing before a judge in New Jersey on Thursday, Oct. 24. The judge ordered him to serve two years of probation and ordered him to pay restitution in an amount that has yet to be determined. There was no trial for Mr. Armon, as he previously pleaded guilty to a charge of conspiracy to commit securities fraud.

The charge carried a maximum jail term of five years, but it is not clear if prosecutors had sought any jail time, as sentencing materials in the case were not part of the public court file. Mr. Armon could still face a substantial fine or other monetary penalty, with the U.S. Securities and Exchange Commission still pursuing a parallel civil case against him. That matter has been on hold, awaiting the outcome of the criminal case.

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