SEC v. Timothy Page, Trevor Page and others (boiler rooms, 2024)

Judgment entered

Checked against the primary document on October 2, 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-lr-26174-boiler-rooms-2024) by email

In 2024, the SEC announced a default judgment in the Eastern District of New York against Timothy Page and three entities in a case alleging they hid their control of microcap companies through nominees, manipulated trading and hired boiler rooms to create demand. Mr Page was ordered to pay $7,652,228 in disgorgement, $983,819 in interest and a $7,652,228 penalty.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-26174
Date filed	2024-11-20
Date resolved	2024-11-14
Court	U.S. District Court, Eastern District of New York
Status	judgment
Criminal parallel	No
Defendants	Timothy Page (individual) ; Trevor Page (individual) ; Wellesley Holdings Limited (entity) ; Porrima Limited (entity) ; Emergent Investment Company (entity) ; FJ Investments International Inc. (entity) ; Ticino Capital Limited (entity) ; Janan Page (individual)
Cited as charged or alleged	Exchange Act s.10(b) and Rule 10b-5 ; Exchange Act s.13(d) and 13(g) ; 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 , Undisclosed control blocks

What was ordered

Civil penalty: $7.7m
Disgorgement: $7.7m
Prejudgment interest: $984k
Total relief: $16.3m
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 November 20, 2024 as litigation release 26174. The defendants in the 2021 complaint are Timothy Page, Trevor Page and nominee entities Wellesley Holdings Limited, Porrima Limited, Emergent Investment Company, FJ Investments International Inc. and Ticino Capital Limited, with Janan Page as relief defendant. The judgment of November 14, 2024, entered by default, orders Timothy Page to pay the figures stated here, and Wellesley, Porrima and Emergent to pay disgorgement, interest and equal penalties (for example $1,928,907 disgorgement and a matching penalty for Wellesley). FJ Investments settled in 2022, the claims against Ticino were dismissed without prejudice in 2023, and the case against Trevor Page continues. The record previously showed the matter as dismissed and named no respondents; only the claim against Ticino was dismissed.

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

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 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.
Undisclosed control blocks — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

2024-11-20 Litigation release published

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

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.

Date filed	Agency	Record	Status
2021-09-27	SEC	SEC v. Timothy Page et al., Daniel Cattlin and William R. Shupe (boiler rooms, 2021)	Judgment entered
2024-11-20	SEC	SEC v. Timothy Page, Trevor Page and others (boiler rooms, 2024)(this record)	Judgment entered

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.

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

Action	Agency	Filed	Technique	Penalty	Status
SEC v. Andrew Spaventa and others (boiler rooms, 2026)	SEC	2026-08-17	Boiler Rooms	—	filed
SEC v. Airborne Wireless Network and others (pump and dump, 2025)	SEC	2025-02-07	Pump And Dump , Undisclosed Control Blocks	$22.6m	judgment
SEC v. Brian Quinn and David Skriloff (Environmental Packaging, 2024)	SEC	2024-10-18	Reverse Merger Schemes , Undisclosed Control Blocks	$461k	judgment
SEC v. Kevan Casey, Adrian James, Jonathan Friedlander and Robert Wheat (pump and dump, 2024)	SEC	2024-08-09	Pump And Dump , Undisclosed Control Blocks	—	filed
SEBI v. Vijay Mallya (routing of funds through UBS accounts into group-company shares, 2024)	SEBI (India)	2024-07-26	Undisclosed Control Blocks	—	judgment
SEC v. Giguiere et al. (undisclosed control blocks, 2024)	SEC	2024-06-13	Undisclosed Control Blocks , Matched Orders +1	$875k	judgment

Record added September 10, 2026. submit a correction.