SEC v. Beaufort Securities Ltd. and others (matched orders, 2018)

Settled

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In March 2018 the SEC charged Beaufort Securities Ltd., investment manager Panayiotis Kyriacou and others after an undercover FBI operation in which they allegedly agreed to manipulate microcap stocks through matched trades. On July 25, 2019 the court entered consent judgments against Beaufort and Kyriacou enjoining them and barring them from penny stock offerings, with money remedies reserved for Kyriacou.

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 SEC announced this matter on March 16, 2018 as release LR-24067 in the Eastern District of New York against Beaufort Securities Ltd., Panayiotis Kyriacou, Dennis J. Mancino, William T. Hirschy and three entities. As alleged, an undercover FBI agent in 2016 described a pump-and-dump business, and Beaufort and Kyriacou opened nominee accounts and executed matched purchase orders.

Outcome: SEC release LR-24546 (July 29, 2019) says that on July 25, 2019 the court entered judgments by consent, without admission or denial, against Beaufort and Kyriacou. They enjoin both from antifraud violations and bar them from penny stock offerings. Kyriacou's judgment leaves disgorgement, interest and penalties to be decided on a later SEC motion; the release gives no figures. This outcome covers Beaufort and Kyriacou only; we did not check the outcome for Mancino, Hirschy or the three entities, or whether remedies were later set for Kyriacou. The release mentions related criminal prosecutions of Beaufort and Kyriacou.

This library tags the matter as matched orders and pump and dump; the tagging is ours, not the regulator's.

What technique is this, and how does it work?

This action is tagged with 2 techniques 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.

• Matched orders — see how it works, what statute it engages, and every other action tagged the same way.
• Pump and dump — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2018-03-16 Litigation release published
2. 2019-07-25 Consent judgments entered against Beaufort Securities and Kyriacou

Primary documents

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

• SEC litigation release
• SEC litigation release LR-24546 (consent judgments)

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.

Same matter

The library links these 2 records because they appear to concern one matter: the same lead defendant, an overlapping technique tag and close filing dates, or a shared court docket or a release that cites the other. Records are listed by date filed.

This grouping is the library's, made by matching names, techniques, dates and citations when the site is built. It is not the regulator's or a court's determination that the records are one case, and it errs towards missing a link rather than making a false one.

Related actions

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

Record added September 10, 2026. submit a correction.