SEC v. Matthew P. Forlano (insider trading, 2024)

Settled

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In September 2024 the Securities and Exchange Commission settled with Matthew P. Forlano, finding that he bought Maxar Technologies securities in December 2022 on a tip from his nephew Stephen A. Forlano Jr., who had it from Anthony Viggiano, and tipped a friend who also bought. Forlano profited by more than $8,000 and agreed to pay $8,209 in disgorgement, $966.08 in interest and an $18,232 penalty in instalments.

The record

What was ordered

Civil penalty

$18.2k

Disgorgement

$8.2k

Prejudgment interest

$966

Total relief

$27.4k

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 issued this settled order on September 9, 2024 (Release No. 34-100978, File No. 3-22087). The respondent is Matthew P. Forlano; the nephew who passed on the tip is a defendant in a separate court action.

The order finds that Viggiano, an investment bank analyst, learned of the planned acquisition of Maxar by November 15, 2022, and the tip passed through the nephew to the respondent. Maxar's stock rose almost 125 percent when the roughly $6.4 billion deal was announced on December 16, 2022.

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.

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

Timeline

1. 2024-09-09 Administrative proceeding instituted (cease-and-desist)

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 order

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.