This action was dismissed. The allegations described below were not established. This page is kept online so that the outcome is visible alongside the original filing.

SEC v. Anthony C. Snell and Charles E. LeCroy (2007)

Dismissed

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In May 2007 an SEC administrative law judge dismissed the charge that Anthony Snell and Charles LeCroy, former J.P. Morgan Securities public finance bankers, violated municipal securities consultant rule G-38. The two had already been barred from the industry after pleading guilty to wire fraud. The matter has nothing to do with insider trading.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	3-12359
Date filed	2007-05-03
Date resolved	2007-05-03
Court	SEC administrative law judge
Status	dismissed
Asset class	bonds
Criminal parallel	Yes: sentenced (Anthony Snell and Charles LeCroy; LeCroy received three months' incarceration, Snell ninety days' house arrest and probation), U.S. District Court, Eastern District of Pennsylvania
Bars imposed	registration bar
Defendants	Anthony C. Snell and Charles E. LeCroy (individual)
Cited as charged or alleged	18 U.S.C. 1343 (wire fraud) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: —
Disgorgement: —
Prejudgment interest: —
Total relief: —
Alleged gain: —

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 issued the initial decision on May 3, 2007 (administrative proceeding 3-12359).

The proceeding followed felony convictions of Snell and LeCroy for wire fraud, on which the judge had earlier granted partial summary disposition and barred them from associating with municipal securities firms. The remaining question was whether they violated Municipal Securities Rulemaking Board Rule G-38 and Exchange Act Section 15B(c)(1) in connection with consultant payments made on behalf of J.P. Morgan Securities.

The judge dismissed both charges. The insider-trading tag had no basis in the decision and has been removed; the earlier bars rested on the criminal convictions.

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.

Timeline

2007-05-03 Initial decision

Primary documents

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

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.