Unregistered distributions enforcement actions

This library records 158 enforcement actions tagged unregistered distributions. An unregistered distribution is selling securities to the public without registration or a valid exemption, which Securities Act Section 5 prohibits regardless of whether anyone was deceived or harmed.

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 unregistered distributions technique page.

Actions: 58
Total penalties: $7.1m
Median penalty: $120k
Largest: $2m
Criminal parallel: 16%

Action	Agency	Filed	Penalty	Status
SEC v. Galena Biopharma, Inc. and Mark J. Ahn (paid stock promotion, 2017)	SEC	2017-04-10	$600k	settled
SEC v. Arcturus Corporation, et al. (unregistered distributions, 2017)	SEC	2017-03-03	—	judgment
SEC v. William G. Goode (unregistered distributions, 2017)	SEC	2017-02-09	—	judgment
SEC v. Olde Monmouth Stock Transfer Co., Inc. and Matthew J. Troster (reverse merger schemes, 2017)	SEC	2017-02-07	$100k	judgment
SEC v. George N. Krinos (unregistered distributions, 2017)	SEC	2017-01-23	—	filed
SEC v. Robin G. Charlet, Steven W. Sparks, Gregory J. Tuthill and Kirk D. Porter (unregistered distributions, 2017)	SEC	2017-01-13	$25k	judgment
SEC v. Empire Stock Transfer, Inc. and Matthew J. Blevins (paid stock promotion, 2016)	SEC	2016-12-16	$50k	settled
SEC v. Dennis Ira Ringer (unregistered distributions, 2016)	SEC	2016-11-23	$25k	settled
SEC v. Curt Kramer and Hope Capital, Inc. (unregistered distributions, 2016)	SEC	2016-10-27	—	settled
SEC v. Tod A. Ditommaso, Esq. (undisclosed control blocks, 2016)	SEC	2016-09-16	—	unknown
SEC v. Diane D. Dalmy, Esq. (pump and dump, 2016)	SEC	2016-07-29	—	dismissed
SEC v. StratoComm Corporation, et al. (unregistered distributions, 2016)	SEC	2016-06-17	$100k	appealed
SEC v. Providence Financial Investments, Inc., Providence Fixed Income Fund, LLC, Jeffory Churchfield, and Jack Jarrell (unregistered distributions, 2016)	SEC	2016-06-13	—	judgment
SEC v. Arcturus Corporation, et al. (unregistered distributions, 2016)	SEC	2016-03-24	—	unknown
SEC v. IBC Funds, LLC (unregistered distributions, 2016)	SEC	2016-02-19	$250k	settled
SEC v. Abraxas J. Discala, Marc E. Wexler, Matthew A. Bell, Craig L. Josephberg, and Ira Shapiro (reverse merger schemes, 2015)	SEC	2015-11-04	—	judgment
SEC v. Craig Danzig (unregistered distributions, 2015)	SEC	2015-10-20	—	appealed
SEC v. Allen Ross Smith (unregistered distributions, 2015)	SEC	2015-10-08	$43.3k	judgment
SEC v. Commodore Financial Corp., et al. (boiler rooms, 2015)	SEC	2015-10-01	—	unknown
SEC v. iShopNoMarkup.com, Inc. (unregistered distributions, 2015)	SEC	2015-09-25	$330k	judgment
SEC v. Timothy M. Roberts, Terrance F. Taylor, and Craig Constantinou (unregistered distributions, 2015)	SEC	2015-09-09	—	filed
SEC v. Ditto Holdings, Inc. (Now Known as Sovestech and Inc.) (unregistered distributions, 2015)	SEC	2015-09-08	$50k	settled
SEC v. Marc S. Mandel (unregistered distributions, 2015)	SEC	2015-09-08	—	settled
SEC v. Pamela S. Smith (unregistered distributions, 2015)	SEC	2015-07-30	—	settled
SEC v. Timothy Patterson (unregistered distributions, 2015)	SEC	2015-07-30	—	settled
SEC v. Stephen M. Coleman (unregistered distributions, 2015)	SEC	2015-07-29	—	settled
SEC v. Spectrum Concepts, LLC Worswick and others (unregistered distributions, 2015)	SEC	2015-06-11	$120k	settled
SEC v. Tracy Morgan Spaeth (unregistered distributions, 2015)	SEC	2015-04-23	—	settled
SEC v. Joseph John Labadia (undisclosed control blocks, 2015)	SEC	2015-04-17	—	settled
SEC v. Team Resources, Inc., et al. (unregistered distributions, 2015)	SEC	2015-04-06	—	settled
SEC v. Julieann Palmer Martin (ponzi schemes, 2015)	SEC	2015-03-09	—	settled
SEC v. Mark A. Lefkowitz, et al. (unregistered distributions, 2015)	SEC	2015-02-24	—	judgment
SEC v. Caledonian Bank Ltd., et al. (unregistered distributions, 2015)	SEC	2015-02-11	—	filed
SEC v. International Capital Group, LLC (reverse merger schemes, 2015)	SEC	2015-01-29	$1.5m	settled
SEC v. Oppenheimer & Co. Inc. (pump and dump, 2015)	SEC	2015-01-27	—	filed
SEC v. Nicholas D. Skaltsounis (ponzi schemes, 2014)	SEC	2014-12-31	—	judgment
SEC v. Eureeca Capital SPC (unregistered distributions, 2014)	SEC	2014-11-10	$25k	settled
SEC v. Armand R. Franquelin (ponzi schemes, 2014)	SEC	2014-10-22	—	judgment
SEC v. E*Trade Securities, LLC and and G1 Execution Services, LLC (unregistered distributions, 2014)	SEC	2014-10-09	$1m	settled
SEC v. Advanced Cell Technology, Inc. (unregistered distributions, 2014)	SEC	2014-09-10	$375k	settled
SEC v. Erik T. Voorhees (unregistered distributions, 2014)	SEC	2014-06-03	—	settled
SEC v. Daniels and others (fake press releases, 2014)	SEC	2014-05-15	—	dismissed
OSC v. Duncan Cleworth and others (ponzi schemes, 2014)	OSC	2014-05-14	—	judgment
SEC v. Chalmers and Julianne (ponzi schemes, 2014)	SEC	2014-04-17	—	filed
SEC v. Coplan and Jenny E. (ponzi schemes, 2014)	SEC	2014-03-18	—	filed
SEC v. Curt Kramer and others (unregistered distributions, 2013)	SEC	2013-11-25	—	settled
SEC v. Ricardo Bonilla Rojas (ponzi schemes, 2013)	SEC	2013-09-04	—	unknown
SEC v. North East Capital and LLCand Anthony T. Vicidomine (unregistered distributions, 2013)	SEC	2013-08-16	$150k	settled
SEC v. Joseph Hilton and Joseph Yurkin (boiler rooms, 2013)	SEC	2013-08-09	—	judgment
SEC v. ABN AMRO Bank, N.V. (unregistered distributions, 2013)	SEC	2013-07-31	$2m	settled
SEC v. Scuderi Group, Inc. and Salvatore Scuderi (unregistered distributions, 2013)	SEC	2013-05-30	$100k	settled
SEC v. Patrick Merrill Brody (ponzi schemes, 2013)	SEC	2013-05-22	—	judgment
SEC v. Banco Comercial Português, S.A. (unregistered distributions, 2013)	SEC	2013-03-18	$250k	settled
SEC v. Peter Emrich and others (unregistered distributions, 2011)	SEC	2011-12-30	—	dismissed
SEC v. Lexington Resources, Inc. Atkins and others (unregistered distributions, 2009)	SEC	2009-06-05	—	dismissed
SEC v. James F. Glaza d/b/a Falcon Financial Services, Inc. (unregistered distributions, 2005)	SEC	2005-07-21	—	dismissed
SEC v. OTC Live, Inc. and Mark A. Suleymanov (paid stock promotion, 2004)	SEC	2004-09-30	—	dismissed
SEC v. Lorsin, Inc. and others (unregistered distributions, 2004)	SEC	2004-05-11	—	judgment