SEC v. Commodore Financial Corp., et al. (boiler rooms, 2015)

Settled

Checked against the primary document on October 4, 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.

Report an error in this record (sec-commodore-financial-corp-et-al-boiler-rooms-2015) by email

The SEC's September 2015 oil-and-gas offering case against Commodore Financial Corporation, CEO Christopher Schlegel, M&G Cap Services and Andres Calvo produced a consent final judgment against Schlegel filed on 23 June 2020 in the Central District of California. It orders $1,800,767.67 in disgorgement and $64,088.73 in interest, deemed satisfied by criminal restitution, and no penalty. The outcomes for the company and for Calvo and M&G were not read.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-23376
Date filed	2015-10-01
Date resolved	2020-06-23
Court	U.S. District Court, Central District of California
Status	settled
Criminal parallel	Yes: criminal case referred to, outcome not stated in the document (Christopher Schlegel (United States v. Schlegel, SA CR-15-116-AG; judgment deems disgorgement satisfied by the criminal restitution order)), U.S. District Court, Central District of California
Defendants	Commodore Financial Corporation (entity) ; Christopher Schlegel (individual) ; M&G Cap Services (individual) ; Andres Calvo (individual)
Cited as charged or alleged	Exchange Act s.10(b) and Rule 10b-5 ; Exchange Act s.15(a) ; Securities Act s.17(a) ; Securities Act s.5 (statutes and rules cited in the document; not a finding that they were violated)
Techniques	Boiler rooms , Unregistered distributions

What was ordered

Civil penalty: —
Disgorgement: $1.8m
Prejudgment interest: $64.1k
Total relief: $1.9m
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 announced this matter on October 1, 2015 as litigation release 23376. The defendants named are Commodore Financial Corporation, CEO Christopher Schlegel, M&G Cap Services and Andres Calvo, whom the release calls an Arizona-based boiler room operator. As alleged, Commodore and Mr Schlegel diverted almost half of investor money to excessive commissions to Mr Calvo's boiler room and to personal spending while telling investors 80 to 90 percent would fund operations; M&G and Mr Calvo allegedly misstated their commissions and acted as unregistered brokers. The complaint charges Section 5 and antifraud violations. The matter was at the complaint stage at the release date.

This library tags the matter as boiler rooms, unregistered distributions, based on the conduct the document describes. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

Schlegel consented to the final judgment, which enjoins him from violating antifraud and registration provisions and orders disgorgement of $1,800,767.67 and prejudgment interest of $64,088.73. The judgment deems that obligation satisfied by the restitution order in United States v. Schlegel, No. SA CR-15-116-AG, and records that the SEC decided to forgo a civil penalty. I did not read judgments against Commodore Financial Corporation, M&G Cap Services or Andres Calvo, the boiler-room operator, so this page records the outcome for Schlegel only, and the criminal sentence is not stated in the judgment.

For the regulator's own account of the facts, read the primary documents linked above. This page summarises the structured record and does not reproduce them.

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.

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

Timeline

2015-10-01 Litigation release published
2020-06-23 Consent final judgment filed as to Schlegel (C.D. Cal.)

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.

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

Action	Agency	Filed	Technique	Penalty	Status
SEC v. Bio Defense Corporation, et al. (boiler rooms, 2019)	SEC	2019-09-13	Boiler Rooms , Unregistered Distributions	—	judgment
SEC v. Carol J. Wayland, et al. (boiler rooms, 2019)	SEC	2019-07-19	Boiler Rooms , Unregistered Distributions	$465k	judgment
SEC v. Andrew Stitt (boiler rooms, 2019)	SEC	2019-02-06	Boiler Rooms , Unregistered Distributions	—	judgment
SEC v. Peter H. Pocklington, The Eye Machine LLC and others (boiler rooms, 2018)	SEC	2018-04-05	Boiler Rooms , Unregistered Distributions	$2.4m	settled
SEC v. Steve G. Blasko (boiler rooms, 2017)	SEC	2017-07-07	Boiler Rooms , Unregistered Distributions	$945k	judgment
SEC v. Joseph Hilton a/k/a Joseph Yurkin (boiler rooms, 2013)	SEC	2013-08-09	Boiler Rooms , Unregistered Distributions	—	judgment

Record added September 10, 2026. submit a correction.