Market manipulation enforcement actions filed in 2023

This library records 363 market manipulation enforcement actions filed in 2023, brought by AMF-FR, ASIC, CFTC, OSC, SEBI, SEC.

Counts by year reflect when an action was filed or announced, not when the underlying conduct occurred — those are often years apart. Compare across years with care: a single multi-defendant sweep can dominate a year's count.

Actions: 63
Total penalties: $33.6m
Median penalty: $457k
Largest: $22.5m
Criminal parallel: 17%

Action	Agency	Filed	Technique	Penalty	Status
SEC v. Adam S. Kaplan and Daniel E. Kaplan (2023)	SEC	2023-03-03		—	filed
SEC v. Cambria Capital, LLC (2023)	SEC	2023-03-02		$100k	settled
SEC v. Stephen Keith Woodard, Sr. (ponzi schemes, 2023)	SEC	2023-03-01	Ponzi Schemes	$5.9m	settled
SEBI v. Lashit Sanghvi and Neha Sanghvi (insider trading, Aptech Limited, 2023)	SEBI (India)	2023-02-28	Insider Trading	—	judgment
SEBI v. Shreenath Finstock Private Limited and others (one-share buy orders, Nutraplus India, 2023)	SEBI (India)	2023-02-28	Price Manipulation	—	judgment
SEBI v. Bimla Devi Jindal and others (misstated results, Vikas Proppant and Granite, 2023)	SEBI (India)	2023-02-28	Misleading Issuer Disclosure	—	judgment
SEBI v. Brij Bhushan and others (synchronised trades and bulk-SMS exit, Srestha Finvest, 2023)	SEBI (India)	2023-02-28	Matched Orders , Price Manipulation	—	judgment
SEBI v. Anugrah Stock & Broking Private Limited and others (assured-return derivative advisory scheme, 2023)	SEBI (India)	2023-02-28		—	judgment
SEBI v. Texmo Pipes and Products Ltd, Arun Panchariya and others (GDR issue, 2023)	SEBI (India)	2023-02-28	Misleading Issuer Disclosure	—	judgment
SEBI v. Arnav Corporation Ltd and others (funding of preferential allottees, 2023)	SEBI (India)	2023-02-28	Misleading Issuer Disclosure	—	judgment
SEC v. Shawn E. Good (ponzi schemes, 2023)	SEC	2023-02-27	Ponzi Schemes	—	settled
SEBI v. Aadhaar Ventures India Ltd and others (2013 preferential allotment, 2023)	SEBI (India)	2023-02-27	Misleading Issuer Disclosure	—	judgment
SEBI v. BFL Asset Finvest Ltd and others (self-funded preferential allotment, 2023)	SEBI (India)	2023-02-27	Misleading Issuer Disclosure	—	judgment
SEC v. Energy & Environmental Investments, LLC and others (ponzi schemes, 2023)	SEC	2023-02-24	Ponzi Schemes	$1m	settled
CFTC v. Marcus Todd Brisco, Tin Quoc Tran and others (ponzi schemes, 2023)	CFTC	2023-02-23	Ponzi Schemes	$350k	settled
SEC v. James Andrew Stiles, Jr. & Edward Gray Stiles, Jr. (insider trading, 2023)	SEC	2023-02-23	Insider Trading	$45.5k	settled
SEC v. Kevin A. Van de Grift and Gil Friedman (insider trading, 2023)	SEC	2023-02-23	Insider Trading	$596k	settled
ASIC brings criminal charges against third individual in relation to Courtenay House (2023)	ASIC	2023-02-22	Ponzi Schemes	—	judgment
SEBI v. Pankaj Kumar and others (misstated accounts, Geodesic Ltd, 2023)	SEBI (India)	2023-02-22	Misleading Issuer Disclosure	—	judgment
SEBI v. Utkarsh Jain and others (artificial volume and circular trades, North Eastern Carrying Corporation, 2023)	SEBI (India)	2023-02-21	Wash Trading , Matched Orders	—	judgment
SEC v. Candlestick Capital Management LP (rule 105 offering shorts, 2023)	SEC	2023-02-21	Rule 105 Offering Shorts	—	settled
SEC v. HITE Hedge Asset Management LLC (rule 105 offering shorts, 2023)	SEC	2023-02-21	Rule 105 Offering Shorts	—	settled
SEBI v. Chirag Parmar (circular trades allegation, A.F. Enterprises, 2023)	SEBI (India)	2023-02-20	Wash Trading , Matched Orders	—	dismissed
OSC v. Aaron Wolfe (insider trading, 2023)	OSC	2023-02-17	Insider Trading	—	settled
SEC v. Candlestick Capital Management LP et al. (rule 105 offering shorts, 2023)	SEC	2023-02-17	Rule 105 Offering Shorts	$810k	settled
SEC v. HITE Hedge Asset Management LLC et al. (rule 105 offering shorts, 2023)	SEC	2023-02-17	Rule 105 Offering Shorts	$104k	settled
SEC v. Paul Anthony Pierce (paid stock promotion, 2023)	SEC	2023-02-17	Paid Stock Promotion	$1.2m	settled
SEBI v. Aftek Ltd and others (GDR issue, 2023)	SEBI (India)	2023-02-17	Misleading Issuer Disclosure	—	judgment
CFTC v. Vista Network Technologies and Armen Temurian (ponzi schemes, 2023)	CFTC	2023-02-16	Ponzi Schemes	—	filed
SEC v. Milan Patel (false rumors, 2023)	SEC	2023-02-16	False Rumors	—	judgment
Former CEO of Big Un Limited charged with insider trading (ASIC, 2023)	ASIC	2023-02-14	Insider Trading	—	judgment
CFTC v. Ramon Salvador Delgado-Gomez, FX Latino and others (ponzi schemes, 2023)	CFTC	2023-02-13	Ponzi Schemes	—	filed
SEBI v. Kuber Dealcom Pvt. Ltd (price manipulation allegation, A.F. Enterprises, 2023)	SEBI (India)	2023-02-10	Price Manipulation	—	dismissed
SEBI v. Ketan Bhupendra Parekh and another (front running a portfolio manager, Quest Investment Advisors, 2023)	SEBI (India)	2023-02-10	Front Running	—	judgment
SEBI v. Prashant Ashok Gamre and others (price manipulation by small buy orders, Zylog Systems, 2023)	SEBI (India)	2023-02-08	Price Manipulation	—	judgment
SEC v. Olga Kuprina (insider trading, 2023)	SEC	2023-02-08	Insider Trading , Hack To Trade	—	settled
ASIC v. Don George Evans (price manipulation, 2023)	ASIC	2023-02-07	Price Manipulation	—	judgment
SEBI v. Nishant Jain and others (synchronised and circular trades, BFL Asset Finvest, 2023)	SEBI (India)	2023-01-31	Matched Orders , Wash Trading +1	—	judgment
SEBI v. Balram Agarwal and others (price manipulation allegation, A.F. Enterprises, 2023)	SEBI (India)	2023-01-31	Price Manipulation	—	dismissed
SEBI v. Asthvinayak Trexim Pvt. Ltd and others (circular trades and bulk-SMS promotion, V B Industries, 2023)	SEBI (India)	2023-01-31	Wash Trading , Matched Orders +1	—	judgment
SEBI v. P.V.R. Murthy (Birla Cotsyn GDR issue, 2023)	SEBI (India)	2023-01-31	Misleading Issuer Disclosure	—	judgment
SEBI v. Natraj Capital & Credit Pvt Ltd and others (off-market transfers in Delta Leasing, 2023)	SEBI (India)	2023-01-31		—	judgment
SEBI v. P.V.R. Murthy (Zenith Steel Pipes GDR issue, 2023)	SEBI (India)	2023-01-31	Misleading Issuer Disclosure	—	judgment
AMF France v. THD, M. Thierry Decré, Option 7 and others (insider trading, 2023)	AMF (France)	2023-01-30	Insider Trading	—	judgment
SEBI v. Harshal Vira and others (front running of a fund client, Reliance Securities dealers matter, 2023)	SEBI (India)	2023-01-30	Front Running	—	judgment
SEBI v. Manoj Kumar and others (falsified accounts, Ricoh India, 2023)	SEBI (India)	2023-01-30	Misleading Issuer Disclosure	—	judgment
SEC v. Randy Herschaft (insider trading, 2023)	SEC	2023-01-30	Insider Trading	$35.2k	settled
SEBI v. Divya Agarwal and others (price manipulation, Sulabh Engineers, remand order, 2023)	SEBI (India)	2023-01-27	Price Manipulation	—	judgment
SEC v. Donna Matuizek (insider trading, 2023)	SEC	2023-01-27	Insider Trading	$27.8k	settled
SEBI v. Coffee Day Enterprises Ltd (fund diversion, 2023, 2023)	SEBI (India)	2023-01-24	Misleading Issuer Disclosure	—	judgment
SEC v. Austin D. Ellison-Meade (2023)	SEC	2023-01-24		—	judgment
SEBI v. Mukesh Parekh and others (front running, settlement, Reliance Securities dealers matter, 2023)	SEBI (India)	2023-01-23	Front Running	—	settled
SEC v. Charlie Abujudeh (pump and dump, 2023)	SEC	2023-01-23	Pump And Dump	$414k	judgment
SEC v. David S.Y. Chang (2023)	SEC	2023-01-23		—	settled
SEBI v. Sulabh Engineers and Services Ltd and others (alleged funding of preferential allotments, 2023)	SEBI (India)	2023-01-23		—	dismissed
SEC v. Nexo Capital Inc. (unregistered distributions, 2023)	SEC	2023-01-19	Unregistered Distributions	$22.5m	settled
SEBI v. Jalaj Agrawal (bulk SMS stock tips in Panafic Industrials, 2023)	SEBI (India)	2023-01-18	Pump And Dump	—	judgment
SEC v. Yossi Engel (ponzi schemes, 2023)	SEC	2023-01-12	Ponzi Schemes	—	settled
SEBI v. BRH Wealth Kreators Ltd and others (broker diversion of client securities and funds, 2023)	SEBI (India)	2023-01-11		—	judgment
SEBI adjudication orders on illiquid stock options at BSE (2023 batch)	SEBI (India)	2023-01-10	Matched Orders	—	judgment
CFTC v. Avraham Eisenberg (oracle manipulation, 2023)	CFTC	2023-01-09	Oracle Manipulation	—	filed
SEC v. Melville Peter ten Cate (sham tender offers, 2023)	SEC	2023-01-03	Sham Tender Offers	$500k	judgment
SEBI v. Amish Arvind Malbari and others (Axis Bank WhatsApp messages, 2023)	SEBI (India)	2023-01-02	Insider Trading	—	dismissed