SEC v. Richard Condon, et al. (insider trading, 2015)

Judgment entered

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In September 2015 the SEC charged consultant Richard Condon and his friend Jonathan Ross with insider trading in P.F. Chang's options ahead of a tender offer, and named Ali Sagheb as a relief defendant. The court entered a judgment against Condon on January 12, 2016 and a consent judgment against Ross on September 16, 2016 ordering $58,281 in disgorgement, $589.91 in interest and a $58,281 penalty.

The record

What was ordered

Civil penalty

$58.3k

Disgorgement

$58.3k

Prejudgment interest

$590

Total relief

$117k

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 September 24, 2015 as release LR-23359. The respondents named are Richard G. Condon, Jonathan Ross and Ali Sagheb (3 individuals, 0 entities).

This library tags the matter as insider trading, 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 options.

Outcome. The relief defendant, Ali Sagheb, agreed to a final judgment returning $17,993.88 of trading profits plus $1,836.08 in interest. Condon settled by stipulation, and on January 12, 2016 the court entered a judgment against him permanently enjoining him from violating the insider trading and tender-offer provisions; the docket summary does not show any money terms for him and the judgment itself was not read. Ross consented, without admitting or denying the allegations, and on September 16, 2016 the court entered a judgment enjoining him and ordering disgorgement of $58,281, prejudgment interest of $589.91 and a civil penalty of $58,281, after ruling on the SEC's remedies motion in August 2016. The money figures recorded on this page are Ross's only; Condon's money terms and the Sagheb amounts are not included in them.

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.

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

Timeline

1. 2015-09-24 Litigation release published
2. 2016-01-12 Judgment entered against Richard Condon (docket entry 23)
3. 2016-09-16 Consent judgment against Jonathan Ross: disgorgement $58,281, interest $589.91, penalty $58,281

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
• Judgment as to Jonathan Ross, 16 September 2016
• Court docket, SEC v. Condon (CourtListener)

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.