Pump and dump enforcement actions

This library records 139 enforcement actions tagged pump and dump. A pump and dump is a scheme in which shares are accumulated cheaply, promoted with misleading claims to drive the price up, and then sold into the demand the promotion created, leaving later buyers with the loss.

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 pump and dump technique page.

Actions: 39
Total penalties: $40.5m
Median penalty: $150k
Largest: $26.4m
Criminal parallel: 49%

Action	Agency	Filed	Penalty	Status
SEC v. Eddy U. Marin and Shane R. Spierdowis (pump and dump, 2018)	SEC	2018-05-02	—	settled
OSC v. David Tuan Seng Lim and Michael Mugford (pump and dump, 2018)	OSC	2018-03-28	—	judgment
SEC v. Timary Delorme (pump and dump, 2018)	SEC	2018-03-27	$50k	settled
SEC v. Beaufort Securities Ltd. and others (matched orders, 2018)	SEC	2018-03-16	—	settled
SEC v. Andalusian Resorts and Spas, Inc., John Madsen and Bernard Fried (fake press releases, 2017)	SEC	2017-10-30	$80k	judgment
SEC v. Artemus Mayor (pump and dump, 2017)	SEC	2017-10-26	$160k	settled
SEC v. Henry Lin-Han Jan (pump and dump, 2017)	SEC	2017-10-26	$160k	settled
SEC v. Wayne Weaver (Jammin' Java pump and dump, 2017)	SEC	2017-10-03	$26.4m	appealed
SEC v. Jason McDiarmid, et al. (boiler rooms, 2017)	SEC	2017-09-29	$3.3m	judgment
SEC v. Joe Yiu Cheung, a/k/a Dylon de lu Zhang (paid stock promotion, 2017)	SEC	2017-08-02	$150k	settled
SEC v. Jeffrey D. Martin, Thomas L. Tedrow and others (Mainstream Entertainment pump and dump, 2017)	SEC	2017-08-01	$142k	judgment
SEC v. Karen F. Aalders (pump and dump, 2017)	SEC	2017-07-31	—	settled
SEC v. Andrew Farmer, et al. (pump and dump, 2017)	SEC	2017-07-24	$2m	judgment
SEC v. James M. Farinella, et al. (matched orders, 2017)	SEC	2017-06-21	—	settled
SEC v. Jehu Hand and Antonio Katz (pump and dump, 2017)	SEC	2017-06-15	—	judgment
SEC v. Mustafa David Sayid, Norman Reynolds and Kevin Jasper (pump and dump, 2017)	SEC	2017-04-13	$235k	judgment
SEC v. Michael Affa and four others (Amogear pump and dump, 2017)	SEC	2017-02-07	—	judgment
SEC v. Richard Weed, Coleman Flaherty III and Thomas Brazil (pump and dump, 2016)	SEC	2016-10-04	—	judgment
SEC v. Marcus A. Luna, et al. (boiler rooms, 2016)	SEC	2016-09-30	$15k	judgment
SEC v. Jason A. Wallace (boiler rooms, 2016)	SEC	2016-09-27	$435k	judgment
SEC v. Richard Weed, Coleman Flaherty III and Thomas Brazil (pump and dump, 2016)	SEC	2016-08-23	$150k	judgment
SEC v. Mitchell Brown (pump and dump, 2016)	SEC	2016-06-21	—	judgment
SEC v. Gary C. Heath (Dynkowski penny stock manipulation, 2016)	SEC	2016-06-09	$83.2k	judgment
SEC v. Jack Halperin (Spongetech pump and dump, 2016)	SEC	2016-06-02	$100k	judgment
SEC v. Asher Z. Zwebner, Luke C. Zouvas and others (pump and dump, 2016)	SEC	2016-04-26	$150k	judgment
SEC v. Efim Aksanov (pump and dump, 2016)	SEC	2016-04-12	—	judgment
SEC v. David Aubel and Robert Raffa (pump and dump, 2016)	SEC	2016-04-07	$150k	judgment
SEC v. Randy A. Hamdan and Oracle Consultants, LLC (fake press releases, 2016)	SEC	2016-02-17	$150k	judgment
SEC v. Jehu Hand and Antonio Katz (pump and dump, 2015)	SEC	2015-12-11	—	settled
SEC v. Andrew Farmer, et al. (pump and dump, 2015)	SEC	2015-10-09	—	judgment
SEC v. Spencer Pharmaceutical Inc., Jean-François Amyot and others (pump and dump, 2015)	SEC	2015-10-01	—	judgment
SEC v. Frank Morelli III and Louis Buonocore (undisclosed control blocks, 2015)	SEC	2015-09-21	—	settled
SEC v. Marco Babini et al. (pump and dump, 2015)	SEC	2015-09-14	—	judgment
SEC v. Harold Bailey "B.J." Gallison II et al. (paid stock promotion, 2015)	SEC	2015-07-14	—	settled
SEC v. Adam S. Gottbetter, Mitchell G. Adam, and K. David Stevenson (pump and dump, 2015)	SEC	2015-05-28	—	settled
SEC v. David Craven and Alexander J. Craven (pump and dump, 2015)	SEC	2015-04-01	$4.9m	judgment
SEC v. David Craven and Alexander J. Craven (pump and dump, 2015)	SEC	2015-03-12	—	unknown
SEC v. Gary S. Williky (insider trading, 2015)	SEC	2015-03-02	$1.7m	judgment
SEC v. Joseph A. Noel (pump and dump, 2015)	SEC	2015-02-26	—	judgment