SEC v. Benjamin Conde, with Essex Global Investment Corp. and Facultas Capital Management, Inc. as relief defendants (boiler rooms, 2019)

Alleged — pending

These are allegations. SEC has filed an action; nothing in it has been proven, and the respondents have not been found liable. Everything described on this page is what the regulator alleges, not what a court has found. See our editorial policy.

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In 2019, the Securities and Exchange Commission filed a civil action in the Eastern District of New York against Benjamin Conde, alleging he paid a New York boiler room to promote Renewable Energy and Power, Inc. stock to seniors and retail investors while trading on the opposite side, generating about $3.1 million in proceeds. Two Conde-controlled companies are named as relief defendants.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

—

Total relief

—

Alleged gain

$3.1m

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 September 23, 2019 as litigation release 24609. The defendant named is Benjamin Conde; Essex Global Investment Corp. and Facultas Capital Management, Inc. are named as relief defendants. As alleged, Mr Conde acquired large blocks of RBNW shares through convertible notes bought by Essex, paid a New York boiler room from about March to July 2017 to promote the stock, coordinated opposite-side trading over encrypted messaging and sold more than 8 million shares for about $3.1 million, disguising the payments to the boiler room through an intermediary and false invoices. The release ties this to two earlier actions against the same affiliated boiler rooms. The record previously stated $3.3 million, which is the figure the release gives for the separate 2018 action.

This library tags the matter as boiler rooms, based on the conduct the document describes. 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.

• Boiler rooms — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2019-09-23 Litigation release published

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

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.

Related actions

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

Record added September 10, 2026. If this matter has since resolved, been withdrawn or been dismissed, we want to know: submit a correction.