Market Manipulation. Search

Undisclosed control blocks enforcement actions

This library records 93 enforcement actions tagged undisclosed control blocks. An undisclosed control block is a controlling shareholding held through nominees and offshore entities so that no individual holding crosses a reporting threshold, leaving the market with a false picture of who controls the company.

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 undisclosed control blocks technique page.

Actions
93
Total penalties
$43.8m
Median penalty
$150k
Largest
$22.6m
Criminal parallel
23%
Action Agency Filed Penalty Status
SEC v. Airborne Wireless Network and others (pump and dump, 2025) SEC 2025-02-07 $22.6m judgment
SEC v. Timothy Page, Trevor Page and others (boiler rooms, 2024) SEC 2024-11-20 $7.7m judgment
SEC v. Brian Quinn and David Skriloff (Environmental Packaging, 2024) SEC 2024-10-18 $461k judgment
SEC v. Kevan Casey, Adrian James, Jonathan Friedlander and Robert Wheat (pump and dump, 2024) SEC 2024-08-09 — filed
SEBI v. Vijay Mallya (routing of funds through UBS accounts into group-company shares, 2024) SEBI (India) 2024-07-26 — judgment
SEC v. Giguiere et al. (undisclosed control blocks, 2024) SEC 2024-06-13 $875k judgment
SEC v. George Stubos, et al. (undisclosed control blocks, 2024) SEC 2024-04-15 — judgment
SEBI v. Aashu Garg and others (Vikas Proppant and Granite Ltd, 2024) SEBI (India) 2024-03-20 — judgment
SEC v. Jonathan Farber, Aarif Jamani, Brian Keasberry (pump and dump, 2024) SEC 2024-01-16 — filed
SEC v. Carnovale, et al. (undisclosed control blocks, 2024) SEC 2024-01-03 — judgment
SEC v. George Stubos (undisclosed control blocks, 2023) SEC 2023-09-12 — judgment
SEC v. Darren Ofsink and Michael T. Morris (CodeSmart, 2023) SEC 2023-04-03 — judgment
SEC v. Carnovale, et al. (undisclosed control blocks, 2023) SEC 2023-03-31 — judgment
SEC v. William Andrew Stack, Esq. (undisclosed control blocks, 2023) SEC 2023-03-31 $333k judgment
SEC v. Moynes, et al. (undisclosed control blocks, 2023) SEC 2023-03-09 $307k judgment
SEC v. Moynes, et al. (undisclosed control blocks, 2022) SEC 2022-06-27 $307k settled
SEC v. Stubos, et al. (undisclosed control blocks, 2022) SEC 2022-06-08 — settled
SEC v. Jillian Sidoti (undisclosed control blocks, 2022) SEC 2022-05-17 $22k judgment
SEC v. TKO Farms, Inc., Agravitae, Inc., Kenneth Owen and others (undisclosed control blocks, 2022) SEC 2022-05-09 — filed
SEC v. Domenic Calabrigo, Curtis Lehner, Courtney Vasseur and Hasan Sario (pump and dump, 2022) SEC 2022-04-19 — filed
SEC v. Dean Shah et al. (undisclosed control blocks, 2022) SEC 2022-04-15 — filed
SEC v. Carnovale, et al. (undisclosed control blocks, 2021) SEC 2021-12-02 $430k judgment
SEC v. LFS Funding Limited Partnership, Stephen Thompson, Steven Comisar, Dale Engelhardt and Ross Erskine (undisclosed control blocks, 2021) SEC 2021-05-20 — filed
SEC v. William Andrew Stack, Esq. (undisclosed control blocks, 2021) SEC 2021-01-21 $333k judgment
SEC v. Jillian Sidoti (undisclosed control blocks, 2020) SEC 2020-10-19 $22k settled
SEC v. Frederick Mintz and Alan Fraade (undisclosed control blocks, 2020) SEC 2020-09-16 — judgment
SEC v. Peter DiChiara (reverse merger schemes, 2020) SEC 2020-09-03 $40k settled
OSC v. Matthew John Hamilton (undisclosed control blocks, 2020) OSC 2020-01-31 — judgment
SEC v. David Aubel and Robert Raffa (pump and dump, 2020) SEC 2020-01-27 $150k judgment
SEC v. Benjamin L. Bunker, Esq. (pump and dump, 2020) SEC 2020-01-23 — settled
SEC v. Ulrik Debo (pump and dump, 2020) SEC 2020-01-03 — filed
SEC v. Chip Hackley (matched orders, 2019) SEC 2019-09-25 — settled
SEC v. Morrie Tobin et al. (undisclosed control blocks, 2019) SEC 2019-08-30 — settled
SEC v. Henry Sargent, Joseph Tomasek, Patrick Giordano, Frederick Mintz and Alan Fraade (undisclosed control blocks, 2019) SEC 2019-06-27 — filed
SEC v. James E. Cohen and Joseph A. Corazzi (Natural Blue Resources) (undisclosed control blocks, 2018) SEC 2018-12-21 — judgment
SEC v. David G. Dreslin, Michael Toups and Leslie Toups (2018) SEC 2018-12-03 $345k settled
SEC v. Morrie Tobin et al. (paid stock promotion, 2018) SEC 2018-11-28 $461k settled
SEC v. Philip Thomas Kueber (undisclosed control blocks, 2018) SEC 2018-10-26 — judgment
SEC v. John Madsen, Andalusian Resorts and Spas, Inc. and Bernard Fried (fake press releases, 2018) SEC 2018-10-23 $80k judgment
SEC v. Delaney Equity Group LLC, David C. Delaney and Ian C. Kass (reverse merger schemes, 2018) SEC 2018-08-29 — settled
SEC v. Ryan Gilbertson, et al. (undisclosed control blocks, 2018) SEC 2018-07-12 — judgment
SEC v. Manhattan Transfer Registrar Company and John C. Ahearn (reverse merger schemes, 2018) SEC 2018-05-17 $50k settled
SEC v. Christopher R. Esposito, et al. (undisclosed control blocks, 2018) SEC 2018-04-30 $168k judgment
SEC v. Diane J. Harrison, Michael J. Daniels and Catherine A. Bradaick-Zolla (shell factories, 2018) SEC 2018-04-30 — judgment
SEC v. AF Ocean Investment Management Company (reverse merger schemes, 2018) SEC 2018-04-25 — settled
SEC v. ChinAmerica Andy Movie Entertainment Media Company (reverse merger schemes, 2018) SEC 2018-04-25 — settled
SEC v. Analytica Bio-Energy Corp., Douglas Murdock, Luiz Brasil and Marvin Winick (undisclosed control blocks, 2018) SEC 2018-02-28 — 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. Joe Yiu Cheung, a/k/a Dylon de lu Zhang (paid stock promotion, 2017) SEC 2017-08-02 $150k settled
SEC v. Troy Joseph Flowers, Sean Nevett and Fruition Inc. (undisclosed control blocks, 2017) SEC 2017-07-19 $310k judgment
SEC v. Andrew S. Keck (undisclosed control blocks, 2017) SEC 2017-06-29 $2.5k settled
SEC v. Christopher A. Conley (undisclosed control blocks, 2017) SEC 2017-06-29 $2.5k settled
SEC v. Marilyn Stark (undisclosed control blocks, 2017) SEC 2017-06-29 $10k settled
SEC v. Matthew L. Egna (undisclosed control blocks, 2017) SEC 2017-06-29 $10k settled
SEC v. Nigel G. Lindsay (undisclosed control blocks, 2017) SEC 2017-06-29 — settled
SEC v. Sarah E. Keck (undisclosed control blocks, 2017) SEC 2017-06-29 $2.5k settled
SEC v. Imran Husain, et al. (shell factories, 2017) SEC 2017-05-24 — filed
SEC v. Emerald Isle Exploration, Ltd. and Samuell Eads and Lloyd C. Brewer (undisclosed control blocks, 2017) SEC 2017-05-12 $30k settled
SEC v. Christopher R. Esposito, et al. (undisclosed control blocks, 2017) SEC 2017-04-14 $775k judgment
SEC v. Ryan Gilbertson, et al. (undisclosed control blocks, 2017) SEC 2017-04-13 — filed
SEC v. Infeed Medica Corp. (undisclosed control blocks, 2017) SEC 2017-03-23 — judgment
SEC v. Sheldon Rose and MKJJ Consulting LLC (reverse merger schemes, 2017) SEC 2017-03-23 — settled
SEC v. Edward F. Panos, et al. (shell factories, 2016) SEC 2016-12-20 $1.4m judgment
SEC v. Michael J. Muellerleile, Esq. and M2 Law Professional Corp. (shell factories, 2016) SEC 2016-12-16 $70k settled
SEC v. Michael L. Reger (undisclosed control blocks, 2016) SEC 2016-10-31 $750k settled
SEC v. Fusion Pharm, Inc. (undisclosed control blocks, 2016) SEC 2016-09-16 — settled
SEC v. Microcap Management LLC, Bayside Realty Holdings LLC and Meadpoint Venture Partners, LLC (undisclosed control blocks, 2016) SEC 2016-09-16 — settled
SEC v. William J. Sears (undisclosed control blocks, 2016) SEC 2016-09-16 — settled
SEC v. Tod A. Ditommaso, Esq. (undisclosed control blocks, 2016) SEC 2016-09-16 $1.5k settled
SEC v. Christopher R. Esposito, et al. (undisclosed control blocks, 2016) SEC 2016-05-26 $1.9m judgment
SEC v. David Aubel and Robert Raffa (pump and dump, 2016) SEC 2016-04-07 $150k judgment
SEC v. L&L Energy, Inc. and Dickson Lee, CPA (undisclosed control blocks, 2016) SEC 2016-02-17 $2.7m judgment
SEC v. Scription Work Solutions, Inc. (undisclosed control blocks, 2016) SEC 2016-02-09 — 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. Benjamin Wey, et al. (reverse merger schemes, 2015) SEC 2015-09-10 — dismissed
SEC v. Manny J. Shulman and David K. Hirschman (undisclosed control blocks, 2015) SEC 2015-09-08 $539k judgment
SEC v. Kevin McDonnell (undisclosed control blocks, 2015) SEC 2015-09-03 $7.5k settled
SEC v. First Xeris Corp. (undisclosed control blocks, 2015) SEC 2015-08-06 — settled
SEC v. Peter Voutsas (undisclosed control blocks, 2015) SEC 2015-06-30 $50k settled
SEC v. Gregg R. Mulholland (unregistered distributions, 2015) SEC 2015-06-25 — settled
SEC v. Edward T. Farmer (undisclosed control blocks, 2015) SEC 2015-04-16 — settled
SEC v. Kevin D. Miller (undisclosed control blocks, 2015) SEC 2015-04-16 — settled
SEC v. Ronald A. Warren (undisclosed control blocks, 2015) SEC 2015-04-16 — settled
SEC v. William J. Gaffney (undisclosed control blocks, 2015) SEC 2015-04-16 — settled
SEC v. Erik H. Perry (undisclosed control blocks, 2014) SEC 2014-07-16 $150k settled
SEC v. Diamond Lane, Inc. (undisclosed control blocks, 2014) SEC 2014-06-16 — judgment
SEC v. ShopEye, Inc. and others (undisclosed control blocks, 2014) SEC 2014-06-16 — judgment
SEC v. Sunchip Technology, Inc. (undisclosed control blocks, 2014) SEC 2014-06-16 — judgment
SEC v. Empire Stock Transfer, Inc. and Patrick R. Mokros (undisclosed control blocks, 2014) SEC 2014-04-08 $50k settled
SEC v. Matthew J. Blevins (undisclosed control blocks, 2014) SEC 2014-04-08 $25k settled
AMF France v. LVMH Moët Hennessy-Louis Vuitton (undisclosed stake building in Hermès, 2013) AMF (France) 2013-06-25 — judgment
AMF France v. X, A (undisclosed-control-blocks, 2010) AMF (France) 2010-02-25 — judgment