SEC v. Michael E. Cone, et al (boiler rooms, 2018)

Settled

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In 2018 the SEC sued Michael E. Cone and Greenview Investment Partners, L.P. in the Northern District of Texas alongside a parallel criminal case. On February 6, 2020 the court entered a consent final judgment against Cone ordering $3,369,425 in disgorgement, jointly with Greenview, plus $309,271.50 in interest, treated as satisfied by his criminal restitution order, and an officer-and-director bar.

The record

What was ordered

Civil penalty

—

Disgorgement

$3.4m

Prejudgment interest

$309k

Total relief

$3.7m

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 8, 2018 as release LR-24342. The respondents named are Michael E. Cone, et al (1 individual, 0 entities).

This library tags the matter as boiler rooms, 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.

Non-monetary relief recorded: officer-and-director bar.

The release references a parallel criminal proceeding. Where a criminal case exists, the civil and criminal outcomes are recorded separately, because they resolve on different standards of proof.

The court entered a final judgment against Cone on February 6, 2020, on his consent and without findings. It permanently enjoins him, bars him from serving as an officer or director of a public company, and holds him jointly and severally liable with Greenview Investment Partners for disgorgement of $3,369,425 plus prejudgment interest of $309,271.50, a total of $3,678,696.50. That obligation is deemed satisfied by the restitution order in the parallel criminal case, United States v. Cone (C.D. Cal.), so the figures are not an additional payment. The judgment does not state a civil penalty or Cone's criminal sentence. How the case against Greenview ended was not read separately.

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. 2018-11-08 Litigation release published
2. 2020-02-06 Consent final judgment against Michael Cone entered

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
• Final judgment as to Michael Cone, 6 February 2020

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.