SEC v. Joseph Conlan (insider trading, 2023)

Settled

✓ Checked against the primary document on October 3, 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-joseph-conlan-insider-trading-2023) by email

In October 2023 the Securities and Exchange Commission settled a cease-and-desist proceeding against Joseph Conlan, who it found had traded Gain Capital Holdings stock on a tip from a close friend at INTL FCStone, ahead of the February 2020 announcement of INTL's acquisition of Gain. Conlan, who neither admitted nor denied the findings, was ordered to pay $73,627 in disgorgement, $12,134 in interest and a $73,627 penalty, and was barred from serving as an officer or director for five years.

The record

What was ordered

Civil penalty

$73.6k

Disgorgement

$73.6k

Prejudgment interest

$12.1k

Total relief

$159k

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 issued this settled order on October 30, 2023 (Release No. 34-98824, File No. 3-21789).

The order finds that on February 19, 2020 Conlan learned from a friend still employed at INTL that INTL was pursuing the acquisition of Gain Capital, and bought Gain shares that day on that information, in breach of a duty of trust and confidence. After the February 27 announcement the shares rose about 66 percent and he made $73,627.

He consented to a cease-and-desist order, a five-year officer and director bar, disgorgement, prejudgment interest and a civil penalty equal to the disgorgement.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing 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. 2023-10-30 Administrative proceeding instituted (cease-and-desist)

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 order

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.