The United States Securities and Exchange Commission (SEC) has charged two individuals working at Nonko Trading with fraud. More specifically, the SEC alleges that Jeffrey Goldman and Christopher Eikenberry, both from Michigan, participated in a Ponzi-like scheme and pocketed over $1.4 million from more than 260 investors worldwide. Nonko marketed itself as a state-of-the-art platform for day-traders. However, according to the SEC, the company secretly provided customers with accounts that only mimicked actual trading. Victims, who were mostly inexperienced traders, believed that deals were real, but in fact their trades were never sent or executed in the market. SEC has been busy lately, this is the second pair of frauds they charge in the last week.
The details here: https://www.elitetrader.com/et/threads/dont-steal-money-from-day-traders-before-they-lose-it.324743/
Clever. Since 95%-99% of retails lose money, it is like printing money by taking the other side of their trades.