Market Manipulation. Search

Market manipulation case library

This library records 2,428 market manipulation enforcement actions brought by financial regulators, each with the agency, the date, the alleged technique, the monetary relief ordered and a link to the regulator's own filing. The whole dataset is downloadable as JSON.

Actions
2,428
Total penalties
$14.3bn
Median penalty
$200k
Agencies
5
Techniques
47

Browse by facet

Every facet below is a real page with its own URL, so it works without JavaScript and can be linked, bookmarked and cited.

By technique

Insider trading 725 Ponzi schemes 602 Unregistered distributions 158 Paid stock promotion 129 Price manipulation 125 Pump and dump 125 Spoofing 118 Wash trading 107 Rule 105 offering shorts 84 Boiler rooms 78 Undisclosed control blocks 59 Reverse merger schemes 59 The naked short selling debate 55 Benchmark submission rigging 49 Matched orders 36 Churning 25 Layering 21 Free riding and parking 18 Marking the close 15 Fake press releases 15 Mismarking 15 Front running 14 Newsletter scalping 14 Cash versus derivatives schemes 13 Hack to trade 13 Sham tender offers 13 Chat group pumps 11 FX fixing 11 Social media ramps 10 EDGAR filing fraud 10 Paid crypto market making 8 Custodianship shell hijacking 6 False rumours 5 Shell factories 5 Hijacked-account ramping 4 Settlement price manipulation 4 Banging the close 3 Short and distort 3 Marking the open 2 Engineered short squeeze 2 Rug pulls 1 Insider listing trading 1 Oracle manipulation 1 Exchange wash trading 1 Float locking 1 Dilution death spirals 1 Options expiry pinning 1

By agency

ASIC 112 CFTC 344 FCA 47 OSC 69 SEC 1856

By year filed

2026 89 2025 114 2024 189 2023 208 2022 176 2021 154 2020 186 2019 192 2018 239 2017 218 2016 198 2015 217 2014 136 2013 102 2012 1 2011 4 2009 1 2007 1 2005 1 2004 2

Ranked lists: largest penalties · largest spoofing penalties · longest sentences · most-charged individuals · biggest crypto cases · most active courts

All actions, newest first

Action Agency Filed Technique Penalty Status
SEC v. Christopher R. Esposito, et al. (paid stock promotion, 2017) SEC 2017-04-14 Paid Stock Promotion $775k judgment
SEC v. Mustafa David Sayid (pump and dump, 2017) SEC 2017-04-13 Pump And Dump — filed
SEC v. Ryan Gilbertson, et al. (reverse merger schemes, 2017) SEC 2017-04-13 Reverse Merger Schemes — judgment
OSC v. Benedict Cheng and others (insider trading, 2017) OSC 2017-04-12 Insider Trading — dismissed
SEC v. Lidingo Holdings, LLC, et al., CSIR Group, LLC, et al. (paid stock promotion, 2017) SEC 2017-04-12 Paid Stock Promotion — settled
SEC v. Craig Keolanui (paid stock promotion, 2017) SEC 2017-04-10 Paid Stock Promotion — settled
SEC v. Edward Borrelli and Dunedin, Inc. (paid stock promotion, 2017) SEC 2017-04-10 Paid Stock Promotion $30k settled
SEC v. Galena Biopharma, Inc. and Mark J. Ahn (paid stock promotion, 2017) SEC 2017-04-10 Unregistered Distributions $600k settled
SEC v. ImmunoCellular Therapeutics, Ltd. (paid stock promotion, 2017) SEC 2017-04-10 Paid Stock Promotion — settled
SEC v. Joel Corenman (paid stock promotion, 2017) SEC 2017-04-10 Paid Stock Promotion $25k settled
SEC v. Lion Biotechnologies, Inc. (paid stock promotion, 2017) SEC 2017-04-10 Paid Stock Promotion $100k settled
SEC v. Michael A. McCarthy (paid stock promotion, 2017) SEC 2017-04-10 Paid Stock Promotion $75k settled
SEC v. Stephen Ramey (paid stock promotion, 2017) SEC 2017-04-10 Paid Stock Promotion $24k settled
SEC v. Lawrence F. Cluff, Jr. and Roger E. Shaoul (insider trading, 2017) SEC 2017-04-06 Insider Trading — judgment
ASIC v. Steven Robert Noske (insider trading, 2017) ASIC 2017-04-03 Insider Trading — unknown
SEC v. Vlad B. Spivak, et al. (insider trading, 2017) SEC 2017-04-03 Insider Trading $334k judgment
CFTC v. Former Citigroup Global Markets Inc. Traders Stephen Gola and Jonathan Brims (cash vs derivatives schemes, 2017) CFTC 2017-03-31 Cash Vs Derivatives Schemes , Spoofing $350k judgment
SEC v. LottoNet Operating Corp., et al. (boiler rooms, 2017) SEC 2017-03-27 Boiler Rooms — filed
SEC v. Ariel Darvasi and Amir Waldman (insider trading, 2017) SEC 2017-03-24 Insider Trading — judgment
SEC v. Nino Coppero del Valle et al. (insider trading, 2017) SEC 2017-03-24 Insider Trading — judgment
SEC v. Quigley and William (churning, 2017) SEC 2017-03-24 Churning — settled
SEC v. Christopher Ludwig (insider trading, 2017) SEC 2017-03-23 Insider Trading — judgment
SEC v. Rose and Sheldon MKJJ Consulting LLC (reverse merger schemes, 2017) SEC 2017-03-23 Reverse Merger Schemes , Undisclosed Control Blocks — settled
SEC v. Steven A. Hartung (insider trading, 2017) SEC 2017-03-23 Insider Trading — settled
SEC v. Infeed Medica Corp. (undisclosed control blocks, 2017) SEC 2017-03-23 Undisclosed Control Blocks — judgment
SEC v. Michael J. Maciocio and David P. Hobson (insider trading, 2017) SEC 2017-03-20 Insider Trading — judgment
SEC v. Patrick Churchville, et al. (ponzi schemes, 2017) SEC 2017-03-17 Ponzi Schemes — filed
SEC v. Todd David Alpert (insider trading, 2017) SEC 2017-03-15 Insider Trading — filed
SEC v. Nima Hedayati (insider trading, 2017) SEC 2017-03-14 Insider Trading — settled
SEC v. Lek Securities Corporation, et al. (layering, 2017) SEC 2017-03-10 Layering — unknown
SEC v. Arcturus Corporation, et al. (unregistered distributions, 2017) SEC 2017-03-03 Unregistered Distributions — judgment
SEC v. Thomas D. Melvin, Jr., et al. (insider trading, 2017) SEC 2017-03-03 Insider Trading — filed
OSC v. Ayaz Dhanani (Also known as Azim Virani, Michael Lee, Alex Nebris, Paul Dhanani, Samuel Ramos, and Rahim Jiwa) (insider trading, 2017) OSC 2017-03-01 Insider Trading — settled
SEC v. One or More Unknown Traders in the Securities of Fortress Investment Group, LLC (insider trading, 2017) SEC 2017-02-28 Insider Trading — judgment
SEC v. FX & Beyond Corporation et al. (ponzi schemes, 2017) SEC 2017-02-21 Ponzi Schemes — judgment
SEC v. Patrick O. Howard, et al. (ponzi schemes, 2017) SEC 2017-02-16 Ponzi Schemes — unknown
CFTC v. Carlos Javier Ramirez and His Companies (ponzi schemes, 2017) CFTC 2017-02-15 Ponzi Schemes — filed
SEC v. Sidoti & Company, LLC (insider trading, 2017) SEC 2017-02-13 Insider Trading $100k settled
SEC v. Yu-Cheng Lin (a.k.a. Believe Lin) (insider trading, 2017) SEC 2017-02-13 Insider Trading — judgment
SEC v. Alan Barry Staples (insider trading, 2017) SEC 2017-02-10 Insider Trading $15.2k judgment
SEC v. Shaohua (Michael) Yin, et al. (insider trading, 2017) SEC 2017-02-10 Insider Trading — judgment
SEC v. Raymond H. Barton (fake press releases, 2017) SEC 2017-02-09 Fake Press Releases — judgment
SEC v. William G. Goode (unregistered distributions, 2017) SEC 2017-02-09 Unregistered Distributions — judgment
SEC v. Oxford City Football Club, Inc. (boiler rooms, 2017) SEC 2017-02-08 Boiler Rooms — judgment
SEC v. Oxford City Football Club, Inc., et al. (boiler rooms, 2017) SEC 2017-02-08 Boiler Rooms — judgment
SEC v. Michael Affa, et al. (pump and dump, 2017) SEC 2017-02-07 Pump And Dump — judgment
SEC v. Olde Monmouth Stock Transfer Co., Inc. and Matthew J. Troster (reverse merger schemes, 2017) SEC 2017-02-07 Reverse Merger Schemes , Unregistered Distributions $100k judgment
CFTC v. The Royal Bank of Scotland (benchmark submission rigging, 2017) CFTC 2017-02-04 Benchmark Submission Rigging , Price Manipulation $85m judgment
SEC v. Varacchi, et al. (ponzi schemes, 2017) SEC 2017-02-02 Ponzi Schemes — filed
CFTC v. Florida Residents Anthony J. Klatch II and Lindsey Heim (ponzi schemes, 2017) CFTC 2017-01-27 Ponzi Schemes — judgment
SEC v. Herman Ronnie Young, Jr. d/b/a Race Cycler (ponzi schemes, 2017) SEC 2017-01-27 Ponzi Schemes — judgment
SEC v. Palestra Capital Management LLC (rule 105 offering shorts, 2017) SEC 2017-01-26 Rule 105 Offering Shorts $80k settled
SEC v. Donald P. Jones, CPA (insider trading, 2017) SEC 2017-01-23 Insider Trading $39.1k settled
SEC v. George N. Krinos (unregistered distributions, 2017) SEC 2017-01-23 Unregistered Distributions — filed
CFTC v. unnamed respondents (spoofing, 2017) CFTC 2017-01-19 Spoofing — unknown
CFTC v. Citigroup Global Markets Inc. (cash vs derivatives schemes, 2017) CFTC 2017-01-19 Cash Vs Derivatives Schemes , Spoofing $25m judgment
SEC v. Cort Poyner et al. (paid stock promotion, 2017) SEC 2017-01-19 Paid Stock Promotion — judgment
SEC v. Eytan Bar (insider trading, 2017) SEC 2017-01-18 Insider Trading $30k settled
SEC v. MDC Partners Inc. (insider trading, 2017) SEC 2017-01-18 Insider Trading $1.5m settled
SEC v. Orthofix International N.V.; Jeffrey Hammel and CPA; Brian McCollum; Kenneth Mack and Bryan McMillan (naked short selling debate, 2017) SEC 2017-01-18 Naked Short Selling Debate $40k settled
SEC v. Robin G. Charlet, Steven W. Sparks, Gregory J. Tuthill and Kirk D. Porter (unregistered distributions, 2017) SEC 2017-01-13 Unregistered Distributions $25k judgment
SEC v. Gregory W. Gray, Jr., et al. (ponzi schemes, 2017) SEC 2017-01-12 Ponzi Schemes — judgment
SEC v. ITG Inc. (naked short selling debate, 2017) SEC 2017-01-12 Naked Short Selling Debate $7.5m settled
SEC v. Douglas Furth (matched orders, 2017) SEC 2017-01-10 Matched Orders — judgment
OSC v. 2002 Concepts Inc. and others (ponzi schemes, 2017) OSC 2017-01-10 Ponzi Schemes — dismissed
SEC v. Iat Hong, et al. (hack to trade, 2016) SEC 2016-12-27 Hack To Trade — judgment
CFTC v. Goldman Sachs (benchmark submission rigging, 2016) CFTC 2016-12-22 Benchmark Submission Rigging , Price Manipulation $120m judgment
SEC v. Chamroonrat, et al. (ponzi schemes, 2016) SEC 2016-12-22 Ponzi Schemes — filed
CFTC v. Defendants Igor B. Oystacher (spoofing, 2016) CFTC 2016-12-21 Spoofing $2.5m judgment
SEC v. Edward F. Panos, et al. (shell factories, 2016) SEC 2016-12-20 Shell Factories , Undisclosed Control Blocks — judgment
SEC v. Anthony B. Kerrigone (naked short selling debate, 2016) SEC 2016-12-16 Naked Short Selling Debate $50k settled
SEC v. Byron B. Barkley and Paul N. Davis (naked short selling debate, 2016) SEC 2016-12-16 Naked Short Selling Debate $50k settled
SEC v. Empire Stock Transfer, Inc. and Matthew J. Blevins (paid stock promotion, 2016) SEC 2016-12-16 Unregistered Distributions $50k settled
SEC v. Jo Ann Myers and Hollis W. Pickett, Jr. (insider trading, 2016) SEC 2016-12-16 Insider Trading $40.4k settled
SEC v. Michael J. Muellerleile, Esq. and M2 Law Professional Corp. (reverse merger schemes, 2016) SEC 2016-12-16 Reverse Merger Schemes $70k settled
SEC v. Wilson-Davis & Company, Inc. (naked short selling debate, 2016) SEC 2016-12-16 Naked Short Selling Debate — unknown
SEC v. Gary L. McDuff (boiler rooms, 2016) SEC 2016-12-16 Boiler Rooms , Ponzi Schemes $125k dismissed
CFTC v. unnamed respondents (matched orders, 2016) CFTC 2016-12-15 Matched Orders , Wash Trading $1.2m filed
ASIC v. Hochtief AG (insider trading, 2016) ASIC 2016-12-08 Insider Trading $400k unknown
SEC v. Marc Winters (insider trading, 2016) SEC 2016-12-02 Insider Trading $31.9k settled
CFTC v. Former CBOE Member Alvin (ponzi schemes, 2016) CFTC 2016-12-01 Ponzi Schemes $12.4m judgment
SEC v. Blackbird Capital Partners, LLC, et al. (ponzi schemes, 2016) SEC 2016-11-30 Ponzi Schemes — unknown
SEC v. Neman and Shervin Neman Financial, Inc. (ponzi schemes, 2016) SEC 2016-11-29 Ponzi Schemes — judgment
SEC v. Dennis Ira Ringer (unregistered distributions, 2016) SEC 2016-11-23 Unregistered Distributions $25k settled
CFTC v. unnamed respondents (spoofing, 2016) CFTC 2016-11-22 Spoofing , Wash Trading — unknown
SEC v. Capital Financial Partners, LLC et al. and others (ponzi schemes, 2016) SEC 2016-11-22 Ponzi Schemes — unknown
CFTC v. Navinder Singh Sarao (layering, 2016) CFTC 2016-11-18 Layering , Price Manipulation +1 $38m judgment
SEC v. Sanjay Valvani and Gordon Johnston (insider trading, 2016) SEC 2016-11-14 Insider Trading — settled
CFTC v. U.K. Resident Navinder Singh (price manipulation, 2016) CFTC 2016-11-10 Price Manipulation , Spoofing — settled
SEC v. Eric McPhail and Douglas Parigian (insider trading, 2016) SEC 2016-11-09 Insider Trading — judgment
SEC v. Herbert K. Sudfeld (insider trading, 2016) SEC 2016-11-09 Insider Trading — dismissed
SEC v. Markusen and others (marking the close, 2016) SEC 2016-11-09 Marking The Close — judgment
SEC v. Dubovoy, et al. (hack to trade, 2016) SEC 2016-11-02 Hack To Trade — settled
SEC v. Anthony Andrade, et al. (insider trading, 2016) SEC 2016-11-01 Insider Trading $150k judgment
SEC v. Nicholas H. Shermeta and Napa Properties, LLC (reverse merger schemes, 2016) SEC 2016-11-01 Reverse Merger Schemes — settled
SEC v. Daniel Christian Stanley Powell (ponzi schemes, 2016) SEC 2016-11-01 Ponzi Schemes — judgment
SEC v. Michael L. Reger (reverse merger schemes, 2016) SEC 2016-10-31 Reverse Merger Schemes $250k settled
SEC v. Curt Kramer and Hope Capital, Inc. (unregistered distributions, 2016) SEC 2016-10-27 Unregistered Distributions — settled
SEC v. Christopher Salis, et al. (insider trading, 2016) SEC 2016-10-21 Insider Trading — filed
SEC v. James C. Cope, Esq. (insider trading, 2016) SEC 2016-10-21 Insider Trading — filed