Texas Regulator Hits TradeGo Forex Exchange with a Cease-Desist Order

​The Texas State Securities Board (TSSB) announced that it has ordered TradeGo Forex Exchange, an aggressive online forex scheme organized by three individuals, to shut down operations.

TradeGo Forex Exchange, Ronald Ameral, David Nielson, and Brandon Newbern have received an Emergency Cease and Desist Order to stop defrauding the public.

The board alleges 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, claiming it is low-risk and will generate significant profits—as much as $1000 to $5000 per day.

In its charge sheet, TSSB detailed that 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 further states that the operatives of TradeGo Forex Exchange are not registered with the federal or state regulators as dealers. Therefore, they are engaged in fraud in connection with the sale of the securities to Texans.

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.