SEC v. Brian Callahan, Adam Manson and others (ponzi schemes, 2023)

Judgment entered

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In May 2023 the SEC announced a judgment against Brian Callahan, Adam Manson and 2 others. On 12 May 2023 the court entered final judgments by consent enjoining Callahan, Manson and Manson's two entities over a Ponzi scheme in which Callahan raised over $90 million for five offshore funds. Callahan was sentenced to 12 years in a parallel criminal case and Manson to two years.

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 17, 2023 as release LR-25728. On 12 May 2023 the court entered final judgments by consent enjoining Callahan, Manson and Manson's two entities over a Ponzi scheme in which Callahan raised over $90 million for five offshore funds. Callahan was sentenced to 12 years in a parallel criminal case and Manson to two years.

This library tags the matter as a Ponzi scheme because the document describes returns to earlier investors paid from later investors' money, as alleged or found. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

A parallel criminal proceeding is referenced. Civil and criminal outcomes are recorded separately, because they resolve on different standards of proof.

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.

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

Timeline

1. 2023-05-17 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. submit a correction.