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The naked short selling debate enforcement actions

This library records 35 enforcement actions tagged the naked short selling debate. Naked short selling is selling short without having borrowed the security or arranged to borrow it, which is restricted by Regulation SHO and whose real-world scale and price impact remain genuinely contested.

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 the naked short selling debate technique page.

Actions
35
Total penalties
$79.8m
Median penalty
$220k
Largest
$45m
Criminal parallel
0%
Action Agency Filed Penalty Status
SEC v. Robinhood Financial LLC and Robinhood Securities, LLC (naked short selling debate, 2025) SEC 2025-01-13 $45m settled
SEC v. Maxim Group, LLC (naked short selling debate, 2023) SEC 2023-09-29 $800k settled
SEC v. Simplex Trading, LLC (naked short selling debate, 2023) SEC 2023-09-11 $200k settled
SEC v. Hal D. Mintz and Sabby Management LLC (naked short selling debate, 2023) SEC 2023-06-14 — filed
ASIC bans former fund manager for naked short selling (2023) ASIC 2023-05-22 — judgment
SEC v. IMC Chicago, LLC (naked short selling debate, 2022) SEC 2022-08-12 $125k settled
SEC v. BTIG, LLC (naked short selling debate, 2022) SEC 2022-05-03 $315k judgment
SEC v. Maplelane Capital LLC (naked short selling debate, 2022) SEC 2022-05-02 $250k settled
SEC v. Tradition Securities and Derivatives, LLC (naked short selling debate, 2021) SEC 2021-09-28 $842k settled
SEC v. Murchinson Ltd. and Marc Bistricer and Paul Zogala (naked short selling debate, 2021) SEC 2021-08-17 $900k settled
SEC v. BTIG, LLC (naked short selling debate, 2021) SEC 2021-05-20 $315k settled
SEC v. Cormark Securities Inc. (naked short selling debate, 2020) SEC 2020-12-21 $800k settled
SEC v. ITG Canada Corp. and Virtu ITG Canada Corp. (naked short selling debate, 2020) SEC 2020-12-21 $200k settled
SEC v. Celadon Financial Group LLC (naked short selling debate, 2020) SEC 2020-07-27 $125k settled
SEC v. BNP Paribas Securities Corp. (naked short selling debate, 2020) SEC 2020-06-29 $250k settled
SEC v. Biltmore International Corporation (naked short selling debate, 2020) SEC 2020-04-24 $125k settled
SEC v. BMA Securities, LLC (naked short selling debate, 2020) SEC 2020-03-12 $275k settled
SEC v. Vandham Securities Corp. (naked short selling debate, 2019) SEC 2019-09-16 $200k settled
SEC v. EMS Capital LP (naked short selling debate, 2019) SEC 2019-08-27 $60k settled
SEC v. Sycamore Lane Partners LLC (naked short selling debate, 2018) SEC 2018-07-23 $25k settled
SEC v. Bayes Capital, LLC (naked short selling debate, 2018) SEC 2018-06-28 $300k settled
SEC v. Wilson-Davis & Company, Inc. (naked short selling debate, 2017) SEC 2017-04-26 $75k settled
SEC v. Anthony B. Kerrigone (naked short selling debate, 2016) SEC 2016-12-16 $50k settled
SEC v. Byron B. Barkley and Paul N. Davis (naked short selling debate, 2016) SEC 2016-12-16 $75k settled
SEC v. Wilson-Davis & Company, Inc. (naked short selling debate, 2016) SEC 2016-12-16 $75k settled
SEC v. Delaney and Yancey (naked short selling debate, 2016) SEC 2016-03-07 — judgment
SEC v. Goldman, Sachs & Co. (naked short selling debate, 2016) SEC 2016-01-14 $15m settled
SEC v. Brian David Hall (naked short selling debate, 2015) SEC 2015-09-17 — settled
SEC v. Rudolfo DeLaSierra (naked short selling debate, 2015) SEC 2015-09-17 — settled
SEC v. Merrill Lynch (naked short selling debate, 2015) SEC 2015-06-01 $9m settled
SEC v. Delaney and Yancey (naked short selling debate, 2014) SEC 2014-05-19 $20k judgment
SEC v. Johnson and Michael H. (naked short selling debate, 2014) SEC 2014-05-19 $125k settled
SEC v. Lindsey Alan Wetzig (naked short selling debate, 2014) SEC 2014-05-19 — settled
SEC v. Gonul Colak and Milen K. Kostov (naked short selling debate, 2014) SEC 2014-01-31 $220k settled
SEC v. optionsXpress, Inc., Thomas E. Stern and Jonathan I. Feldman (Regulation SHO, 2013) SEC 2013-06-07 $4.1m judgment