Home / Cases / The naked short selling debate 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