Hi, I followed Damon for quite some time and was amazed to read about the charges from the SEC. He seems to have dropped off the face of the earth but I have to say, he always seemed like a sound bloke to me .
Hi sorry for the delayed response. I also thought he seemed very genuine and uninterested in the money side of things. I thought his methods seemed sound and I did have some mixed success with them, but never seemed to be able to get consistent long term results which inevitably lead to early retirement from the trading game. Whilst being furloughed from work I decided to have another crack at it which led me to see if Piptastic was still on the go. When I saw the charges against Damon, I thought there must be an innocent explanation such as failure of trading methods and attempting to make back his clients losses, but it appears he carried out no trades just pocketed the cash.
Court Orders Five Defendants in International Ponzi Scheme to Pay Over $13.1 Million:
The Securities and Exchange Commission recently obtained final judgments against defendant Damon Elliott, a United Kingdom citizen and French resident, in a civil action in which the SEC charged that Elliott engaged in a Ponzi scheme and misappropriated money from investors, as well as against multiple relief defendants. Among other things, Elliott has been ordered to pay a total of $6,445,837.