A Thai national was arrested in Los Angeles last month after federal investigators determined that he was operating a fraudulent day-trading company. Naris Chamroonrat, 33, of Bangkok, Thailand was charged with wire fraud and conspiracy to commit securities fraud. Chamroonrat was arrested at Los Angeles International Airport as he attempted to leave the country.
According to prosecutors, Chamroonrat and other unnamed defendants solicited investor funds for a day-trading company known as Nonko Trading. Chamroonrat told investors that he would make trades on the investors’ behalf, but instead, took the money – which amounted to more than $1.4 million – and used it for his own personal expenses.
Chamroonrat and his co-conspirators provided investors with fake accounts and access to online trading simulators, telling investors that they were real accounts. He targeted unsophisticated investors and attempted to make them believe that they had lost their money through their own trading actions. Chamroonrat and his co-conspirators also made plans to manage investors who thought they made money while using the trade simulators, by moving them off of the simulators and giving them real trading accounts.
If convicted, Chamroonrat faces a maximum sentence of 20 years in federal prison on the wire fraud charge. The maximum penalty for the conspiracy charge is 5 years.
Securities fraud lawyer
Federal charges, including those for securities fraud, conspiracy and wire fraud, are serious, because they involve lengthy prison sentences. In addition, a conviction can result in significant fines and restitution orders. Federal prosecutors are aggressive, and they typically don’t take cases into court unless they believe they have a very high likelihood of winning.
When you’re facing federal prosecution, the deck is definitely stacked against you. You need experienced, aggressive defense counsel with federal defense experience. That’s why hiring a securities fraud lawyer like Robert Helfend is your best bet. Mr. Helfend has more than 30 years of criminal defense experience and takes cases in both federal and state courts. Don’t rely on an inexperienced securities fraud lawyer!
Contact Robert Helfend or call toll-free at (800) 834-6434, (310) 456-3317, (818) 591-2809 or (805) 273-5611 for an immediate consultation on your Los Angeles County securities fraud case.
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