SEC v. Jason C. Nielsen (pump and dump, 2020)

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-jason-c-nielsen-pump-and-dump-2020) by email

On March 28, 2024 the SEC obtained a final consent judgment against Jason Nielsen, who agreed without admitting or denying the allegations to an injunction, a penny stock bar and $149,915 in disgorgement and interest.

The record

What was ordered

Civil penalty

—

Disgorgement

$150k

Prejudgment interest

—

Total relief

$150k

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 June 10, 2020 as release LR-24832. The respondents named are Jason C. Nielsen (1 individual, 0 entities). The action was brought in the U.S. District Court, Northern District of California.

The complaint alleges that from about March 2, 2020 Nielsen posted misleading claims about Arrayit without disclosing his large position or plan to sell, and placed and cancelled large purchase orders to create a false impression of demand. He is charged under Securities Act Section 17(a) and Exchange Act Sections 9(a)(2) and 10(b). This library tags the matter as pump and dump and spoofing.

The conduct is recorded against equities.

Outcome. Litigation release 25964 (April 3, 2024) reports that Nielsen consented to a final judgment permanently enjoining him from violating the antifraud and market-manipulation provisions, ordering $149,915 in disgorgement and prejudgment interest combined (stored as disgorgement), and permanently barring him from participating in a penny stock offering. The release repeats the SEC's allegations about the Arrayit posts and cancelled orders and reports no court finding.

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.

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

Timeline

1. 2020-06-10 Litigation release published
2. 2024-03-28 Final consent judgment obtained against Nielsen

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 25964 (final judgment)

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.