SEC v. SeeThruEquity, LLC, Ajay Tandon, and Amit Tandon (newsletter scalping, 2022)

Judgment entered

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In 2022, the SEC announced a final judgment in the Southern District of New York against Ajay and Amit Tandon, founders of research firm SeeThruEquity, over "unbiased" research reports that were allegedly paid for through camouflaged conference fees with manipulated price targets, and scalping by Ajay Tandon. Civil penalties of $270,000 (Ajay) and $250,000 (Amit) and five-year bars were ordered.

The record

What was ordered

Civil penalty

$520k

Disgorgement

—

Prejudgment interest

—

Total relief

$520k

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 January 28, 2022 as litigation release 25321. The defendants are SeeThruEquity, LLC, Ajay Tandon and Amit Tandon. The 2018 complaint alleged the firm published research on hundreds of small companies as unbiased and unpaid while taking fees disguised as investor-conference presentation charges and frequently adjusting price targets, and that Ajay Tandon scalped, recommending stocks while trading against the recommendation. After consent injunctions, the court ordered a $250,000 penalty against Amit and $270,000 against Ajay (the record shows the $520,000 total), a ban on promoting issuers, and five-year penny stock and officer-and-director bars for each.

Scalping is one of two allegations; the paid, price-target-driven research is the main one, so the record now also carries analyst manipulation.

This library tags the matter as analyst manipulation, newsletter scalping, 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 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.

• Analyst manipulation — see how it works, what statute it engages, and every other action tagged the same way.
• Newsletter scalping — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2022-01-28 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 2 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.