Williams is a former reality show participant and author of trading educational materials. In 2024, he launched the 24k Markets platform, through which third-party providers offered and sold contracts for difference (an instrument where settlement is made in cash for the difference between the entry and exit price, without purchasing the underlying asset) on US and European stocks. This continued until 2025, when the broker closed.
The technology and infrastructure were provided by external contractors under a "white label" scheme: the website and brokerage backend were built for him, while Williams was responsible for advertising, attracting clients through social media and an affiliate program, plus supporting day-to-day operations. Neither 24k Markets nor Williams himself were registered with the SEC as a broker-dealer and did not operate under anyone's license.
The regulator found a willful violation of Section 15(a)(1) of the Securities Exchange Act of 1934: contracts for difference for retail clients in the US are considered security-based swaps, and selling them without registration is prohibited.
Under the terms of the agreement, Williams neither admitted nor denied the SEC's findings, but agreed to an order to cease violations, a $60,000 penalty, and a ban on working with brokers, dealers, investment advisers, transfer agents, and rating agencies. He can apply to return to the industry no earlier than two years from now.
Have you checked who is behind the platform where you trade?
The story is simple: a beautiful website, a recognizable face on social media, affiliate links - and not a single license behind all of it. In prop trading, it's the same fork in the road: behind some programs is a company with a legal entity, a payout history, and clear rules; behind others is a purchased platform and a support chat in a messenger. You need to look at who holds the account and by what rules your profit is calculated. These things are visible before payment, if you have something to compare with.