ASIC bans former fund manager for naked short selling (2023)

Judgment entered

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In May 2023 ASIC banned former Gleneagle Securities fund manager Gregory Tolpigin from providing financial services for three years after finding he sold shares he neither owned nor had borrowed on 150 occasions between January and August 2021, over $7 million in total.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on May 22, 2023 as release 23-131MR. The respondents named are Gregory Tolpigin (1 individual, 0 entities).

ASIC states that Tolpigin sold on the ASX through accounts at Gleneagle and associated entities without owning or borrowing the shares, which risked settlement failure and distorted the daily gross short-sales report. ASIC also banned him from controlling a financial services business.

This library tags the matter as naked short selling debate, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• The naked short selling debate — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-05-22 ASIC media release

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• ASIC media release

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.