SEC v. Jason W. Galanis, et al. (matched orders, 2016)
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.
This record covers the SEC's 2015 Gerova share-scheme case, restated in a September 2016 release after Gary Hirst's criminal conviction. In September 2018 the SEC reported that all six defendants had settled, mainly with injunctions and bars. Only Jared Galanis owed civil money in the release, $207,500 plus $37,699 interest; other disgorgement was waived or satisfied by criminal restitution.
The record
| Agency | SEC |
|---|---|
| Release number | LR-23664 |
| Date filed | 2016-09-30 |
| Date resolved | 2018-09-21 |
| Court | U.S. District Court, Southern District of New York |
| Status | settled |
| Asset class | equities |
| Criminal parallel | Yes: sentenced (Jason Galanis, lead defendant (Hirst convicted by jury 28 September 2016; others pleaded; sentences vary)), U.S. District Court, Southern District of New York |
| Bars imposed | Officer and director bars (Jason Galanis, Gary Hirst), Industry and penny stock bars (Gavin Hamels), Bar from practicing before the Commission (Jared Galanis) |
| Defendants | Jason W. Galanis ; John Galanis ; Derek Galanis ; Jared Galanis ; Gary Hirst ; Gavin Hamels |
| Cited as charged or alleged | Advisers Act s.206 ; Exchange Act s.10(b) and Rule 10b-5 ; Exchange Act s.20(e) ; Exchange Act s.9(a)(1) ; Securities Act s.17(a) ; Securities Act s.5 |
| Techniques | Matched orders |
What was ordered
- Civil penalty
- —
- Disgorgement
- $208k
- Prejudgment interest
- $37.7k
- Total relief
- $245k
- Alleged gain
- —
What is alleged to have happened
The SEC's release LR-23664 of September 30, 2016 restated its 2015 complaint against Jason, John, Derek and Jared Galanis, Gary Hirst and Gavin Hamels over the secret issuance of Gerova shares and coordinated purchases by a bribed adviser. It also reported Hirst's conviction on September 28, 2016 and the guilty pleas of others. Note that the 2015 filing is the underlying action, so this is a later update of an already-recorded matter.
The technique tag is this library's own reading of the conduct the regulator describes; agencies charge statutory provisions, not technique names.
The SEC's September 21, 2018 release (LR-24283) reports that all six defendants consented to final judgments. Jason Galanis and Hirst received officer and director bars; John and Derek Galanis, Hirst and Jason Galanis were enjoined; disgorgement for them was waived or deemed satisfied by criminal restitution. Jared Galanis was ordered to pay $207,500 plus $37,699 prejudgment interest and barred from practicing before the Commission. Hamels was enjoined and barred from the securities industry and penny stock offerings. The release gives criminal sentences ranging from probation to 135 months and does not date the individual judgments, so the release date is used for dateResolved. Not checked against the court docket. Checked on 2026-10-04.
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.
- Matched orders — see how it works, what statute it engages, and every other action tagged the same way.
Timeline
- 2016-09-30 Litigation release published
- 2018-09-21 SEC announces settlement of the action against all six defendants
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.
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.
| Date filed | Agency | Record | Status |
|---|---|---|---|
| 2015-09-24 | SEC | SEC v. Jason W. Galanis (matched orders, 2015) | Settled |
| 2016-09-30 | SEC | SEC v. Jason W. Galanis, et al. (matched orders, 2016) | Settled |
Related actions
Other actions in the library sharing at least one technique tag with this one.
| Action | Agency | Filed | Technique | Penalty | Status |
|---|---|---|---|---|---|
| SEBI v. Shreedhar Yellaiah Kodam (synchronized trades, Well Pack Papers, 2026) | SEBI (India) | 2026-09-22 | Matched Orders , Price Manipulation | — | dismissed |
| SEC v. Corey Ortiz (free riding and parking, 2026) | SEC | 2026-09-03 | Free Riding And Parking , Matched Orders | — | judgment |
| SEBI v. Hanif Shekh and others (price and volume manipulation in five scrips, Mauria Udyog and others, 2026) | SEBI (India) | 2026-06-30 | Matched Orders , Pump And Dump +1 | — | judgment |
| SEC v. Christopher Flagg, Daquan Lloyd and Travis Treusch (free riding and parking, 2026) | SEC | 2026-04-30 | Free Riding And Parking , Matched Orders | — | judgment |
| SEBI v. Harsha Ishvarbhai Solanki and others (trading in ANI Integrated Services, 2026) | SEBI (India) | 2026-02-12 | Price Manipulation , Matched Orders | — | judgment |
| SEBI adjudication orders on illiquid stock options at BSE (2026 batch) | SEBI (India) | 2026-01-05 | Matched Orders | — | judgment |