Market Manipulation. Search

Longest sentences in market manipulation cases

The longest custodial sentences recorded in this library. Criminal sentences in manipulation cases are far less common than civil penalties, and they concentrate in schemes with identifiable individual victims rather than in order-book conduct.

Sentences are recorded where the regulator’s release states one. Because this library’s coverage of Department of Justice announcements is partial, this list is a floor rather than a complete ranking.

Amounts are as stated in the regulator's release, in nominal US dollars, and are not adjusted for inflation. Amounts ordered are not amounts collected. Actions denominated in other currencies are excluded rather than converted.

Longest sentences in market manipulation cases — top 50
#ActionAgencyFiledSentencePenalty
1 SEC v. Robert Allen Stanford and others (ponzi schemes, 2025)
Ponzi Schemes 		SEC 2025-02-24 110 years $5.9bn
2 CFTC v. Simmons, Salazar and their companies (ponzi schemes, 2015)
Ponzi Schemes 		CFTC 2015-07-31 40 years $76m
3 SEC v. Gary L. McDuff (ponzi schemes, 2016)
Ponzi Schemes 		SEC 2016-12-16 25 years —
4 CFTC v. Forex Trading Firms and Principals (ponzi schemes, 2019)
Ponzi Schemes 		CFTC 2019-04-22 23 years $14.6m
5 SEC v. Kevin B. Merrill, et al. (ponzi schemes, 2018)
Ponzi Schemes 		SEC 2018-11-09 22 years —
6 SEC v. Kevin B. Merrill, et al. (ponzi schemes, 2019)
Ponzi Schemes 		SEC 2019-11-25 22 years —
7 SEC v. Merrill, et al. (ponzi schemes, 2018)
Ponzi Schemes 		SEC 2018-10-11 22 years —
8 CFTC v. Ronnie Gene Wilson (ponzi schemes, 2013)
Ponzi Schemes 		CFTC 2013-02-28 19y 7m $23m
9 SEC v. John Steven Blount (ponzi schemes, 2016)
Ponzi Schemes 		SEC 2016-07-22 19y 7m —
10 SEC v. Arthur Lamar Adams and Madison Timber Properties, LLC (ponzi schemes, 2018)
Ponzi Schemes 		SEC 2018-08-08 19y 6m —
11 SEC v. Arthur Lamar Adams et al. (ponzi schemes, 2018)
Ponzi Schemes 		SEC 2018-11-09 19y 6m —
12 CFTC v. Rudy Avila (ponzi schemes, 2024)
Ponzi Schemes 		CFTC 2024-09-25 17y 6m $1.5m
13 CFTC v. Rudy Avila and six companies (fraudulent solicitation schemes, 2021)
Ponzi Schemes 		CFTC 2021-09-14 17y 6m —
14 SEC v. James N. Fry (2015)
SEC 2015-10-26 17y 6m —
15 SEC v. Santillo, Parris, LaRocco, Piccarreto and Brenner (ponzi schemes, 2018)
Ponzi Schemes 		SEC 2018-06-19 17y 6m —
16 SEC v. James E. Hocker (ponzi schemes, 2018)
Ponzi Schemes 		SEC 2018-06-21 17 years —
17 SEC v. James E. Hocker (ponzi schemes, 2019)
Ponzi Schemes 		SEC 2019-06-04 17 years —
18 SEC v. Sean Nathan Healy (ponzi schemes, 2013)
Ponzi Schemes 		SEC 2013-04-08 16 years —
19 CFTC v. Glen Galemmo (ponzi schemes, 2021)
Ponzi Schemes 		CFTC 2021-08-27 15y 8m —
20 CFTC v. Galemmo (ponzi schemes, 2014)
Ponzi Schemes 		CFTC 2014-09-15 15y 8m —
21 SEC v. William M. Apostelos and WMA Enterprises (ponzi schemes, 2015)
Ponzi Schemes 		SEC 2015-10-29 15 years —
22 SEC v. Steven Pagartanis (ponzi schemes, 2021)
Ponzi Schemes 		SEC 2021-10-07 14y 2m —
23 SEC v. Jeffrey K. Skilling et al. (insider trading, 2015)
Insider Trading 		SEC 2015-12-08 14 years —
24 SEC v. Kent R.E. Whitney, David Lee Parrish, The Church for the Healthy Self a/k/a CHS Trust, and CHS Asset Management Inc. (ponzi schemes, 2019)
Ponzi Schemes 		SEC 2019-03-18 14 years —
25 SEC v. Titanium Capital LLC and others (ponzi schemes, 2023)
Ponzi Schemes 		SEC 2023-12-18 14 years —
26 SEC v. Titanium Capital LLC and Henry Abdo (ponzi schemes, 2026)
Ponzi Schemes 		SEC 2026-03-30 14 years —
27 SEC v. Edward Lee Moody Jr., et. al. (ponzi schemes, 2018)
Ponzi Schemes 		SEC 2018-07-03 13 years —
28 SEC v. Edward Lee Moody, Jr. (ponzi schemes, 2019)
Ponzi Schemes 		SEC 2019-06-21 13 years —
29 SEC v. Francisco Illarramendi, Highview Point, Michael Kenwood (ponzi schemes, 2015)
Ponzi Schemes 		SEC 2015-01-30 13 years $1m
30 SEC v. Francisco Illarramendi, Highview Point and Michael Kenwood (ponzi schemes, 2017)
Ponzi Schemes 		SEC 2017-09-19 13 years $1m
31 SEC v. Garfield M. Taylor (ponzi schemes, 2016)
Ponzi Schemes 		SEC 2016-03-01 13 years —
32 SEC v. Garfield Taylor, Jeffrey King and Gibraltar Asset Management (ponzi schemes, 2015)
Ponzi Schemes 		SEC 2015-10-08 13 years $1.6m
33 SEC v. Oxford City Football Club, Inc. and Thomas Anthony Guerriero (boiler rooms, 2015)
Boiler Rooms 		SEC 2015-12-16 12y 6m —
34 SEC v. Oxford City Football Club, Inc., et al. (boiler rooms, 2017)
Boiler Rooms 		SEC 2017-02-08 12y 6m —
35 CFTC v. Watson (ponzi schemes, 2015)
Ponzi Schemes 		CFTC 2015-10-20 12 years $27m
36 SEC v. Brian Callahan, Adam Manson and others (ponzi schemes, 2023)
Ponzi Schemes 		SEC 2023-05-17 12 years —
37 SEC v. Anthony John Johnson (ponzi schemes, 2013)
Ponzi Schemes 		SEC 2013-09-05 11y 6m —
38 SEC v. Jason W. Galanis (matched orders, 2015)
Matched Orders 		SEC 2015-09-24 11y 3m —
39 SEC v. Shervin Neman and Neman Financial, Inc. (ponzi schemes, 2016)
Ponzi Schemes 		SEC 2016-11-29 11y 3m —
40 Former Courtenay House director sentenced to 11 years imprisonment (ASIC, 2024)
Ponzi Schemes 		ASIC 2024-09-02 11 years —
41 ASIC v. Courtenay House (ponzi schemes, 2021)
Ponzi Schemes 		ASIC 2021-11-30 11 years —
42 SEC v. Malcolm Segal (ponzi schemes, 2015)
Ponzi Schemes 		SEC 2015-07-01 10y 6m —
43 SEC v. Malcolm Segal (ponzi schemes, 2016)
Ponzi Schemes 		SEC 2016-06-24 10y 6m —
44 CFTC v. Cipolla (ponzi schemes, 2021)
Ponzi Schemes 		CFTC 2021-05-14 10y 1m —
45 CFTC v. Trader and his Company (ponzi schemes, 2019)
Ponzi Schemes 		CFTC 2019-09-19 10y 1m —
46 SEC v. Daniel Christian Stanley Powell (ponzi schemes, 2016)
Ponzi Schemes 		SEC 2016-11-01 10y 1m —
47 SEC v. Rudden, et al. (ponzi schemes, 2018)
Ponzi Schemes 		SEC 2018-07-26 10y 1m —
48 SEC v. Rudden, et al. (ponzi schemes, 2020)
Ponzi Schemes 		SEC 2020-10-16 10y 1m —
49 CFTC v. Charles H. McAllister and BullionDirect (ponzi schemes, 2018)
Ponzi Schemes 		CFTC 2018-04-30 10 years —
50 SEC v. Gary Harrison Lane (ponzi schemes, 2015)
Ponzi Schemes 		SEC 2015-01-20 10 years —

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