SEC v. Timothy Page et al., Daniel Cattlin and William R. Shupe (boiler rooms, 2021)

Judgment entered

Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In September 2021 the SEC filed two complaints over an alleged transatlantic microcap manipulation led by Timothy and Trevor Page. Judgments were entered against Cattlin (March 26, 2024), Timothy Page and three entities (November 14, 2024, by default) and Shupe settled; the SEC reported its case against Trevor Page as ongoing.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-25227
Date filed	2021-09-27
Date resolved	2024-11-14
Court	U.S. District Court, Eastern District of New York
Status	judgment
Asset class	equities
Criminal parallel	No
Bars imposed	penny stock bar, officer-and-director bar, conduct-based injunction
Defendants	Timothy Page (individual) ; Trevor Page (individual) ; Wellesley Holdings Limited (entity) ; Porrima Limited (entity) ; Emergent Investment Company (entity) ; FJ Investments International Inc. (entity) ; Ticino Capital Limited (entity) ; Daniel Cattlin (individual) ; William R. Shupe (individual)
Cited as charged or alleged	Exchange Act s.10(b) and Rule 10b-5 ; Exchange Act s.13(d) and 13(g) ; Exchange Act s.9(a)(2) ; Securities Act s.17(a) ; Securities Act s.5 (statutes and rules cited in the document; not a finding that they were violated)
Techniques	Boiler rooms

What was ordered

Civil penalty: $11.1m
Disgorgement: —
Prejudgment interest: —
Total relief: $11.1m
Alleged gain: $10m

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 27, 2021 as litigation release 25227. The defendants are Timothy Page, Trevor Page, five nominee entities (Wellesley Holdings Limited, Porrima Limited, Emergent Investment Company, FJ Investments International Inc. and Ticino Capital Limited), and, in the second complaint, associates Daniel Cattlin and William R. Shupe, who allegedly helped hide the Pages' control; Mr Cattlin is also alleged to have given misleading answers to SEC subpoenas. The Pages allegedly dumped shares into the market and hired boiler rooms to create demand through misleading statements. The case against Timothy Page and entities later reached judgment, recorded in the 2024 release. The SEC charges antifraud, registration and manipulation provisions.

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.

Outcome as of the sources read: SEC release LR-25958 (March 27, 2024) reports a default final judgment on March 26, 2024 against Daniel Cattlin: $124,357.62 disgorgement and interest, a $230,464 penalty, and penny stock and officer-and-director bars; it also says Shupe settled by paying a $100,000 penalty. Release LR-26174 (November 20, 2024) reports a default judgment on November 14, 2024 against Timothy Page, Wellesley, Porrima and Emergent: penalties of $7,652,228, $1,928,907, $753,239 and $456,963, with disgorgement and interest in addition, some jointly and severally, so disgorgement is not summed here. Relief defendant Janan Page was ordered to pay $1,085,000 plus interest. FJ Investments consented to judgment in April 2022 and the claims against Ticino Capital were dismissed without prejudice in June 2023. The penalty field sums the penalties above. The release says the litigation against Trevor Page was ongoing, so this record is only partly resolved; the status shown reflects the lead defendant.

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

2021-09-27 Litigation release published
2024-03-26 Default final judgment against Daniel Cattlin; Shupe settled (LR-25958)
2024-11-14 Default judgment against Timothy Page and three entities (LR-26174)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

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.

Date filed	Agency	Record	Status
2021-09-27	SEC	SEC v. Timothy Page et al., Daniel Cattlin and William R. Shupe (boiler rooms, 2021)(this record)	Judgment entered
2024-11-20	SEC	SEC v. Timothy Page, Trevor Page and others (boiler rooms, 2024)	Judgment entered

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.

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

Action	Agency	Filed	Technique	Penalty	Status
SEC v. Andrew Spaventa and others (boiler rooms, 2026)	SEC	2026-08-17	Boiler Rooms	—	filed
SEC v. Timothy Page, Trevor Page and others (boiler rooms, 2024)	SEC	2024-11-20	Boiler Rooms , Undisclosed Control Blocks	$7.7m	judgment
SEC v. Mario Gogliormella, Steven Lacaj, and Karim Ibrahim a/k/a/ Chris Hayes (boiler rooms, 2024)	SEC	2024-06-12	Boiler Rooms	—	filed
SEC v. Legend Venture Partners LLC (boiler rooms, 2023)	SEC	2023-07-11	Boiler Rooms	—	filed
SEC v. Vuuzle Media Corp., Vuuzle Media Corp. Limited, Ronald Shane Flynn, and Richard Marchitto (boiler rooms, 2023)	SEC	2023-06-27	Boiler Rooms	$25.8m	judgment
SEC v. Matthew Nicosia, William Reininger, Fabrizio Di Carlo, and Ronald Touchard (boiler rooms, 2023)	SEC	2023-04-10	Boiler Rooms	$223k	judgment

Record added September 10, 2026. submit a correction.