SEC v. Matthew Nicosia, William Reninger, Fabrizio Di Carlo, and Ronald Touchard (boiler rooms, 2022)

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-matthew-nicosia-william-reninger-fabrizio-di-carlo-boiler-rooms-2022) by email

In September 2022 the SEC sued four men over an alleged boiler-room scheme selling microcap stock, including Odyssey Group International. Nicosia, Reininger and Touchard consented to final judgments on April 4, 2023, and a default judgment against Di Carlo followed on March 27, 2024. Recorded money is disgorgement of $805,450, interest of $71,081 and penalties of $453,229, excluding Di Carlo's combined disgorgement and interest.

The record

What was ordered

Civil penalty

$453k

Disgorgement

$805k

Prejudgment interest

$71.1k

Total relief

$1.3m

Alleged gain

$9.1m

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 September 28, 2022 as release LR-25529. The respondents named are Matthew Nicosia, William Reninger, Fabrizio Di Carlo, and Ronald Touchard (2 individuals, 0 entities).

This library tags the matter as boiler rooms and pump and dump, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The conduct is recorded against equities.

Non-monetary relief recorded: officer-and-director bar, penny stock bar.

Outcome. SEC Litigation Release 25689 reports that on April 4, 2023 the Eastern District of New York entered final judgments, on consent and without admitting or denying, against Matthew Nicosia (disgorgement $526,050, interest $46,311, penalty $223,229), William Reininger ($272,000, $23,940 and $80,000) and Ronald Touchard ($7,400, $830 and $50,000), with five-year penny stock bars for all three and five-year officer-and-director bars for Nicosia and Reininger. Release 25959 reports that on March 27, 2024 the court entered a final judgment by default against Fabrizio Di Carlo, who is ordered to pay disgorgement and interest together of about $43,970 and a $100,000 penalty and receives a penny stock bar. Di Carlo's combined figure is not split in the release, so it is excluded from the disgorgement and interest totals. The status is recorded as settled because three of the four resolved by consent; the last judgment was by default. The scheme allegations were not adjudicated in the consent judgments.

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

Timeline

1. 2022-09-28 Litigation release published
2. 2023-04-04 Final consent judgments entered against Nicosia, Reininger and Touchard
3. 2024-03-27 Final default judgment entered against Fabrizio Di Carlo

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 25689 (Nicosia, Reininger, Touchard judgments)
• SEC litigation release 25959 (Di Carlo default 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 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.