Market Manipulation. Search

Sham tender offers enforcement actions

This library records 13 enforcement actions tagged sham tender offers. A sham tender offer is a takeover bid announced or filed by someone with no intention or means of completing it, or by a bidder who does not exist, in order to move the target's share price and trade against the move.

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 sham tender offers technique page.

Actions
13
Total penalties
$5.3m
Median penalty
$500k
Largest
$2.9m
Criminal parallel
62%
Action Agency Filed Penalty Status
SEC v. Melville Peter ten Cate (sham tender offers, 2023) SEC 2023-01-03 $500k judgment
SEC v. Lee Simmons (price manipulation, 2022) SEC 2022-08-19 filed
SEC v. Edgar M. Radjabli, Apis Capital Management LLC and My Loan Doctor LLC (sham tender offers, 2021) SEC 2021-06-11 $419k settled
SEC v. PTG Capital Partners, Ltd. (sham tender offers, 2020) SEC 2020-03-11 $1.5m judgment
SEC v. Mark E. Burns (price manipulation, 2019) SEC 2019-08-12 $60k judgment
SEC v. Mark E. Burns, Robert W. Murray (price manipulation, 2018) SEC 2018-07-17 settled
SEC v. Nauman A. Aly (sham tender offers, 2018) SEC 2018-03-28 unknown
SEC v. Robert W. Murray (sham tender offers, 2018) SEC 2018-03-22 unknown
SEC v. Robert W. Murray (sham tender offers, 2017) SEC 2017-11-09 filed
SEC v. Robert W. Murray (price manipulation, 2017) SEC 2017-05-19 unknown
SEC v. PTG Capital Partners LTD, et al. (sham tender offers, 2016) SEC 2016-03-11 filed
SEC v. PTG Capital Partners LTD, et al. (sham tender offers, 2015) SEC 2015-07-10 filed
SEC v. Luis Chang and Everbright Development Overseas, Limited (sham tender offers, 2015) SEC 2015-05-28 $2.9m judgment