SEC v. Federico Nannini, Mauro Nannini, Alejandro Thermiotis, and Francisco Tonarely (insider trading, 2024)

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.

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In September 2024 the SEC charged Federico Nannini, Mauro Nannini, Alejandro Thermiotis and Francisco Tonarely with insider trading in the Southern District of Florida. On February 4, 2026 the court entered a final judgment against Federico Nannini on his consent, enjoining him from future insider-trading violations; the judgment document states no money amount, and we did not check the other three defendants.

The record

What was ordered

Civil penalty

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Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

$1.1m

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 16, 2024 as release LR-26108. The respondents named are Federico Nannini, Mauro Nannini, Alejandro Thermiotis, and Francisco Tonarely (2 individuals, 0 entities). The action was brought in the U.S. District Court, Southern District of Florida.

This library tags the matter as insider trading, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The conduct is recorded against equities.

The release references a parallel criminal proceeding. Where a criminal case exists, the civil and criminal outcomes are recorded separately, because they resolve on different standards of proof.

Outcome. The final judgment as to Federico Nannini, entered by the Southern District of Florida on February 4, 2026 (case 24-cv-23531, Document 64, posted on the SEC's site), records that he consented to entry of the judgment and waived findings of fact and conclusions of law. It permanently enjoins him from violating Section 10(b) and Rule 10b-5 by trading on material nonpublic information in breach of a duty or by passing such information to others for trading, and it incorporates the terms of his separate consent document, which we did not open. The judgment itself states no disgorgement, interest or penalty, so none is stored here. This outcome covers Federico Nannini only; we did not check what became of Mauro Nannini, Alejandro Thermiotis or Francisco Tonarely, or the parallel criminal matter referenced in 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.

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

Timeline

1. 2024-09-16 Litigation release published
2. 2026-02-04 Final consent judgment entered as to Federico Nannini

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
• Final judgment as to Federico Nannini (S.D. Fla., Doc. 64)

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.