SEC v. Terracciano and Eugene (2018)

Settled

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In March 2018 the SEC instituted proceedings against Eugene Terracciano, the anti-money laundering compliance officer at Aegis Capital Corporation, over the firm's failure to file suspicious activity reports. He settled the liability findings in July 2018 with a $20,000 penalty, an administrative law judge ordered a twelve-month suspension in October 2019, and the decision became final on January 4, 2021.

The record

What was ordered

Civil penalty

$20k

Disgorgement

—

Prejudgment interest

—

Total relief

$20k

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 Commission announced this matter on March 28, 2018 as release 34-82958 (administrative proceeding 3-18414). The order alleged, without findings, that Terracciano, who served as the firm's AML compliance officer from September 2013 to about September 2015, failed to comply with suspicious activity reporting requirements. This library does not tag the matter with a manipulation technique, because the document does not describe one.

Outcome: in a settlement order of July 6, 2018 (Release 83604), Terracciano consented to cease-and-desist relief and a $20,000 civil penalty, with the remedial sanctions left for further proceedings. After a hearing, an administrative law judge issued an initial decision on October 22, 2019 suspending him for twelve months from association with brokers, advisers and similar firms and from penny stock offerings, rather than the bar the Division sought. The Commission issued a notice on January 4, 2021 that the decision had become final, and on May 27, 2021 it terminated those sanctions, reasoning that he had already observed the suspension for more than twelve months during the delay. The record covers all of the respondent named here; other Aegis respondents in the same proceeding file were not examined.

Timeline

1. 2018-03-28 Administrative proceeding instituted (cease-and-desist)
2. 2018-07-06 Settlement order: cease-and-desist and $20,000 penalty; sanctions left for hearing
3. 2019-10-22 Initial decision orders twelve-month suspension
4. 2021-01-04 Notice that initial decision has become final
5. 2021-05-27 Commission terminates the sanctions as already served

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
• Settlement order, Release 83604 (July 6, 2018)
• Initial decision No. 1388 (October 22, 2019)
• Notice that initial decision has become final (January 4, 2021)
• Order regarding suspension (May 27, 2021)

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.

Record added September 10, 2026. submit a correction.