SEC v. PTG Capital Partners, Ltd. (sham tender offers, 2020)

Judgment entered

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In March 2020 the SEC reported that a federal court had approved settlements with Strategic Capital Partners Muster Limited and Strategic Wealth Investments, Inc. and entered a default judgment against Nedko Nedev in the case over false EDGAR tender offers for Avon, Tower Group and Rocky Mountain Chocolate Factory stock. Penalties total $1,470,000 and disgorgement with interest about $31,270. The SEC dismissed PTG Capital Partners and PST Capital Group as fictitious entities.

The record

What was ordered

Civil penalty

$1.5m

Disgorgement

$31.3k

Prejudgment interest

—

Total relief

$1.5m

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 these judgments on March 11, 2020 as litigation release LR-24766, in SEC v. PTG Capital Partners, Ltd., civil action 15-cv-04290 in the Southern District of New York, filed June 4, 2015. On March 2, 2020 the court approved settlements with Strategic Capital Partners Muster Limited and Strategic Wealth Investments, Inc. and granted a default judgment against Nedko Nedev (2 entities, 1 individual). Earlier versions of this record named PTG Capital Partners as the defendant, but the release says the SEC dismissed PTG and PST Capital Group as fictitious entities used to carry out the fraud.

The complaint alleged coordinated efforts to manipulate stocks in Avon Products, Tower Group International and Rocky Mountain Chocolate Factory by filing false tender offers on EDGAR and issuing a fraudulent press release, so that the defendants could profit from price increases in positions they held. Without admitting or denying the allegations, the two Strategic companies agreed to permanent injunctions, disgorgement and prejudgment interest totalling about $31,270, and combined civil penalties of $1,000,000. The court enjoined Nedev and ordered him to pay a $470,000 civil penalty.

The record stores the combined $1,470,000 of penalties and the $31,270 disgorgement-and-interest figure, which the release does not split. An earlier version recorded the penalty as $1.5 million.

For the regulator's own account of the facts, read the primary document linked above.

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.

• EDGAR filing fraud — see how it works, what statute it engages, and every other action tagged the same way.
• Sham tender offers — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2020-03-11 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 20, 2026. submit a correction.