Market Manipulation. Search

Churning enforcement actions

This library records 14 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
14
Total penalties
$1.9m
Median penalty
$194k
Largest
$435k
Criminal parallel
0%
Action Agency Filed Penalty Status
SEC v. Baris Cabalar (churning, 2024) SEC 2024-10-16 — filed
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 — filed
SEC v. Rocco Roveccio (churning, 2019) SEC 2019-05-06 $160k judgment
SEC v. William C. Gennity (churning, 2019) SEC 2019-03-04 $160k judgment
SEC v. Zachary S. Berkey (churning, 2018) SEC 2018-10-19 — settled
SEC v. Alexander Capital, L.P. (churning, 2018) SEC 2018-06-29 $194k settled
SEC v. William C. Gennity and Rocco Roveccio (churning, 2018) SEC 2018-04-11 $320k settled
SEC v. Daniel T. Fischer (churning, 2018) SEC 2018-01-30 — settled
SEC v. Laurence M. Torres (churning, 2017) SEC 2017-09-28 $160k settled
SEC v. Steven R. Markusen and Jay C. Cope (marking the close, 2016) SEC 2016-11-09 $200k judgment
OSC v. Paul Christopher Darrigo (churning, 2016) OSC 2016-01-08 — judgment
SEC v. Eli D. Okman (churning, 2014) SEC 2014-10-28 $32k settled
SEC v. Michael Bresner, Ralph Calabro, Jason Konner and Dimitrios Koutsoubos (churning, 2013) SEC 2013-11-08 $435k judgment