Market Manipulation. Search

Churning enforcement actions

This library records 25 enforcement actions tagged churning. Churning is excessive trading in a customer's account driven by the broker's commissions rather than the customer's objectives, which defrauds one identifiable person and leaves the market price untouched.

Actions are listed newest first. Each row links to a case page carrying the regulator's own release and, where one was published, the complaint. For how this technique works and what statute it engages, read the churning technique page.

Actions
25
Total penalties
$9.2m
Median penalty
$200k
Largest
$7.5m
Criminal parallel
12%
Action Agency Filed Penalty Status
SEC v. Baris Cabalar (churning, 2024) SEC 2024-10-16 — unknown
SEC v. Laidlaw and Company (UK) Ltd. (churning, 2023) SEC 2023-11-20 $223k settled
SEC v. Michael Blumer, John Kuprianchik, David Page, Steven Thompson, Joseph Todaro (churning, 2023) SEC 2023-09-28 — unknown
SEC v. Carla Lea Chastain (churning, 2023) SEC 2023-08-18 — settled
SEC v. Waddell & Reed, LLC (churning, 2022) SEC 2022-09-19 $200k settled
SEC v. NPA Asset Management, LLC (churning, 2022) SEC 2022-09-08 $300k settled
SEC v. American Portfolios Financial Services, Inc. and American Portfolios Advisors, Inc. (churning, 2020) SEC 2020-11-13 $650k settled
SEC v. Rocco Roveccio (churning, 2019) SEC 2019-05-06 — judgment
SEC v. William C. Gennity (churning, 2019) SEC 2019-03-04 — judgment
SEC v. Demitrios Hallas (churning, 2019) SEC 2019-02-22 — settled
SEC v. Zachary S. Berkey (churning, 2018) SEC 2018-10-19 — judgment
FCA v. Edward John Booth (churning, 2018) FCA 2018-07-25 — judgment
SEC v. Alexander Capital, L.P. (churning, 2018) SEC 2018-06-29 — settled
SEC v. William C. Gennity and Rocco Roveccio (churning, 2018) SEC 2018-04-11 — judgment
SEC v. Daniel T. Fischer (churning, 2018) SEC 2018-01-30 — judgment
SEC v. Canterbury Consulting, Inc. (churning, 2017) SEC 2017-10-26 $100k settled
SEC v. Laurence M. Torres (churning, 2017) SEC 2017-09-28 $160k settled
SEC v. Demitrios Hallas (churning, 2017) SEC 2017-04-26 — filed
SEC v. Quigley and William (churning, 2017) SEC 2017-03-24 — settled
SEC v. Royal Alliance Associates, Inc. and Sagepoint Financial, Inc. and Fsc Securities Corporation (churning, 2016) SEC 2016-03-14 $7.5m settled
OSC v. Paul Christopher Darrigo (churning, 2016) OSC 2016-01-08 — dismissed
SEC v. Bennett Group Financial Services, LLC Bennett and Dawn J. (churning, 2015) SEC 2015-09-09 — unknown
SEC v. Eli D. Okman (churning, 2014) SEC 2014-10-28 $32k settled
SEC v. Herbert Steven Fouke (churning, 2014) SEC 2014-08-29 — judgment
SEC v. Bresner and others (churning, 2013) SEC 2013-11-08 $5k settled