Market Manipulation. Search

Layering enforcement actions

This library records 24 enforcement actions tagged layering. Layering is placing multiple orders at several consecutive price levels with no intention of trading them, building an apparent wall of depth that pushes the price toward a genuine order on the other side.

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 layering technique page.

Actions
24
Total penalties
$127m
Median penalty
$12m
Largest
$25.7m
Criminal parallel
17%
Action Agency Filed Penalty Status
AMF France v. Jordi Eeman (layering, 2023) AMF (France) 2023-11-16 — settled
SEBI v. Nimi Enterprises and others (order-book spoofing, 2023) SEBI (India) 2023-04-28 — judgment
SEC v. Vali Management Partners (Avalon FA Ltd), Nathan Fayyer and Sergey Pustelnik (layering, 2022) SEC 2022-06-17 $22.5m judgment
SEC v. Aleksandr Milrud (layering, 2022) SEC 2022-01-26 — judgment
SEC v. Xuepeng Xie (layering, 2021) SEC 2021-09-27 $600k settled
SEC v. J.P. Morgan Securities LLC (layering and spoofing, 2020) SEC 2020-09-29 $25m settled
SEC v. Nicholas Mejia Scrivener (layering, 2020) SEC 2020-08-10 $50k settled
SEC v. Lek Securities Corporation and Samuel Lek (layering, 2019) SEC 2019-10-10 $1.4m judgment
AMF France v. Sylvain Duport (layering, 2019) AMF (France) 2019-02-11 — settled
AMF France v. A (layering, 2018) AMF (France) 2018-05-02 — judgment
AMF France v. Syquant Capital (layering, 2017) AMF (France) 2017-12-01 — settled
SEC v. Lek Securities Corporation, Samuel Lek, Avalon FA Ltd, Nathan Fayyer and Sergey Pustelnik (layering, 2017 ruling) SEC 2017-08-29 $23.9m judgment
AMF France v. Deutsche Bank AG London Branch (layering, 2017) AMF (France) 2017-05-29 — settled
SEC v. Lek Securities Corporation, Samuel Lek, Avalon FA Ltd, Nathan Fayyer and Sergey Pustelnik (layering, 2017) SEC 2017-03-10 — judgment
AMF France v. 3Red Trading LLC and A (layering, 2016) AMF (France) 2016-12-28 — judgment
CFTC v. Navinder Singh Sarao (layering, 2016) CFTC 2016-11-17 $25.7m judgment
AMF France v. Euronext Paris SA and Virtu Financial Europe Ltd (layering, 2015) AMF (France) 2015-12-04 — judgment
AMF France v. A (layering, 2015) AMF (France) 2015-10-08 — judgment
CFTC v. U.K. Resident Navinder Singh Sarao and His Company Nav Sarao Futures Limited PLC (layering, 2015) CFTC 2015-04-21 $25.7m settled
SEC v. Aleksandr Milrud (layering, 2015) SEC 2015-01-13 — settled
AMF France v. Bourse Direct and A (layering, 2014) AMF (France) 2014-10-01 — judgment
SEC v. Visionary Trading LLC, Lightspeed Trading LLC and five individuals (layering, 2014) SEC 2014-04-04 $1m settled
FCA v. 7722656 Canada Inc (formerly Swift Trade Inc) (layering, 2014) FCA 2014-01-24 — judgment
FCA v. Michael Coscia (layering, 2013) FCA 2013-07-03 $903k settled