SEC v. Matthew Nicosia, William Reininger, Fabrizio Di Carlo, and Ronald Touchard (boiler rooms, 2023)

Judgment entered

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In 2023, the SEC announced final judgments in the Eastern District of New York against Matthew Nicosia, William Reininger and Ronald Touchard in a microcap fraud sold through high-pressure sales calls and promotions, including a boiler room run by Fabrizio Di Carlo. Nicosia was ordered to pay $526,050 in disgorgement, $46,311 in interest and a $223,229 penalty; the case against Di Carlo continued.

The record

What was ordered

Civil penalty

$223k

Disgorgement

$526k

Prejudgment interest

$46.3k

Total relief

$796k

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 April 5, 2023 as litigation release 25689 (judgments entered April 4, 2023). The defendants in the 2022 complaint are Matthew Nicosia, William Reininger, Fabrizio Di Carlo and Ronald Touchard. The SEC alleged that from August 2019 to at least September 2020 they fraudulently sold microcap stock through misleading high-pressure calls and email promotions, with Mr Di Carlo running a boiler room that pressured investors to buy Odyssey Group International stock while Mr Nicosia and Mr Reininger, insiders, dumped shares. The judgments impose five-year officer-and-director bars on Nicosia and Reininger. The financial fields are Nicosia's: $526,050 disgorgement, $46,311 interest and a $223,229 penalty; Reininger's are $272,000, $23,940 and $80,000, and Touchard's $7,400, $830 and $50,000. The record previously omitted Nicosia's penalty.

This library tags the matter as boiler rooms, 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 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.

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

Timeline

1. 2023-04-10 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 3 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.