SEC v. Sky Capital LLC, Ross Mandell and others (boiler rooms, 2016)

Judgment entered

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In 2016, the SEC announced a consent final judgment in the Southern District of New York against Arn Wilson, a former Sky Capital registered representative, in a 2009 case alleging a boiler room scheme that raised more than $61 million for two related companies. The action against Ross Mandell, sentenced to 144 months in a parallel criminal case, was continuing.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

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Alleged gain

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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 22, 2016 as litigation release 23525. The case caption names Sky Capital LLC (also known as Granta Capital LLC), Ross Mandell, Steven Shea, Adam Harrington Ruckdeschel, Arn Wilson, Michael Passaro and Robert Grabowski; the release itself reports only the consent judgment against Mr Wilson, enjoining him under Securities Act Section 17(a) and Exchange Act Section 10(b). The 2009 complaint alleged the defendants used fraudulent boiler room tactics to raise over $61 million for Sky Capital Holdings Ltd. and Sky Capital Enterprises, Inc. and prevented investors selling stock, inflating the price. Mr Wilson, who was credited for cooperation, received three years of supervised release and a joint $74 million forfeiture and restitution order. The 144-month sentence belongs to Mr Mandell, not to the defendant this record was titled for, so the sentence field is cleared; the record had named only Mr Grabowski, who the release does not discuss.

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. 2016-04-22 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.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.