menu

Homepage > News > SEC complaint for investment advices in the Darknet

SEC complaint for investment advices in the Darknet


The US Securities and Exchange Commission (SEC) brought a complaint against a California resident who was selling false “insider information” on a Darknet forum.

According to the SEC, in 2016/2017, Roland Jones of Redondo Beach, California, gained access to various black markets in Darknet. Among them was a forum for the exchange of internal confidential information that could provide an advantage in securities trading. To join the ranks of its users, Jones lied that he also has significant non-public data.

His deception did not last long. After a short time, he was kicked out of the forum. He did not acquire any significant knowledge on it, but he came up with the idea to organize a similar business. Thus, in the spring of 2017, he began selling “insider information” on one of Darkent’s black markets. The data he was offering was supposed to come from forums like the one he was kicked out of, as well as from people inside big companies and corporations. Information intended to provide the upper hand was made in Jones’ imagination.

Several casualties

In an SEC’s press report, we read that several people bought information from Jones (paying in bitcoin) and then tried to trade according to his guidelines. The Commission’s complaint alleged a breach of federal law on protection against fraud.

This case shows that the SEC can and will pursue securities law violators wherever they operate, even on the dark web,” said David L. Peavler, Director of the SEC’s Fort Worth Regional Office.  “We have committed staff and technology to pierce the cloak of anonymity these wrongdoers try to throw over their crimes. David L. Peavler, director of the SEC Regional Office in Fort Worth, commented.

Roland Jones agreed to the settlement proposed by the Commission. If the court accepts its shape, the dishonest investment adviser will be banned from conducting this type of activity for life. It can also be punished in a civil action.

Author: Izabela Kamionka

Are you a trader?

Help others and rate your broker! Use the search engine or find your broker on the list.



Ad:
exante baner

Last news:

xtb broker

XTB MENA receives the DFSA license

X-Trade Brokers, better known as XTB, has obtained a third-class license from the Dubai Financial ...
Read More
Cypriot financial regulator cysec

CySEC suspends the license of the parent company of the FXGM broker

The Cyprus Securities and Exchange Commission (CySEC) suspended the license of the investment company Depaho ...
Read More
the Chinese province will test the common welfare policy, i.e. redistribution of income

Will Chinese stocks disappear from the US stock markets?

W obliczu nowych regulacji związanych z audytami spółek zagranicznych notowanych na giełdach w USA, Chiny ...
Read More
SCAM Alert

Watch out for: “to recover funds, transfer us 10%”

Fake Forex brokers and their partners have developed another tactic for extorting client funds. It ...
Read More

Add a comment

Your email address will not be published. Required fields are marked *

 

Note: Opinions and posts on ForexRev.com represent personal opinions and views of their respective authors and should not be interpreted as recommendations to purchase or sell securities. ForexRev.org assumes no responsibility or liability for such content.
Go to top