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by Mike Caswell
Ran Armon, a Toronto-area man charged in the United States for a fraudulent on-line trading firm, has pleaded not guilty. He entered the plea in a nine-minute appearance before New Jersey Magistrate Judge Cathy Waldor. She permitted Mr. Armon to go free on terms that include a $200,000 appearance bond. (All figure are in U.S. dollars.)
Prosecutors claim that Mr. Armon, 45, was one of four men who ran a phony on-line trading platform. The men allegedly accepted deposits from 260 clients but did not use the money for trading. Clients received simulated trading accounts and, in most cases, did not receive their money back, prosecutors say.
In allowing Mr. Armon to go free, Judge Waldor did not impose any serious restrictions on him. She allowed him to travel to Canada and Israel. (Confusingly, she also ordered him to surrender all passports and travel documents and directed that he not apply for any new travel documents.) She further imposed a condition that he not trade any brokerage accounts other than those in his own name.
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