Market manipulation enforcement actions filed in 2025

This library records 199 market manipulation enforcement actions filed in 2025, brought by AMF-FR, ASIC, CFTC, FCA, 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: 100
Total penalties: $8.7m
Median penalty: $161k
Largest: $3.3m
Criminal parallel: 20%

Action	Agency	Filed	Technique	Penalty	Status
SEBI v. Usha Devi and others (price and volume manipulation of DU Digital Technologies, 2025)	SEBI (India)	2025-12-31	Price Manipulation , Matched Orders +1	—	judgment
SEBI v. Paresh Nathalal Chauhan (Timbor Home bulk-SMS share scheme, remand order, 2025)	SEBI (India)	2025-12-31	Price Manipulation , Pump And Dump	—	judgment
SEC v. David J. Bradford and Gerardo L. Linarducci (ponzi schemes, 2025)	SEC	2025-12-30	Ponzi Schemes	—	filed
SEC v. Bryan Scott McMillan (insider trading, 2025)	SEC	2025-12-23	Insider Trading	$122k	judgment
SEC v. David Hudzik (unregistered distributions, 2025)	SEC	2025-12-23	Unregistered Distributions	$70k	judgment
Market riggers sentenced in ASX ‘pump and dump’ case (ASIC, 2025)	ASIC	2025-12-22	Chat Group Pumps , Pump And Dump	—	judgment
FCA v. Russel Gerrity (insider trading, 2025)	FCA	2025-12-19	Insider Trading	—	settled
SEBI v. Manish Mishra and others (YouTube promotion of GG Engineering, 2025)	SEBI (India)	2025-12-19	Social Media Ramps , Spoofing	—	judgment
SEC v. George John Drazenovic (pump and dump, 2025)	SEC	2025-12-19	Pump And Dump	$236k	settled
SEBI v. Anil Arora and others (alleged leak of results to adviser, Mawana Sugars, 2025)	SEBI (India)	2025-12-17	Insider Trading	—	dismissed
SEC v. Mina Tadrus (ponzi schemes, 2025)	SEC	2025-12-17	Ponzi Schemes	—	judgment
SEC v. Artur Khachatryan (spoofing, 2025)	SEC	2025-12-16	Spoofing	$112k	settled
Victorian man sentenced in market manipulation case (ASIC, 2025)	ASIC	2025-12-12	Price Manipulation , Wash Trading	—	judgment
SEBI v. Pranav Vinod Adani and others (insider trading, Adani Green Energy, 2025)	SEBI (India)	2025-12-12	Insider Trading	—	dismissed
SEBI v. Anil Jain and others (insider trading, Refex Industries, 2025)	SEBI (India)	2025-12-12	Insider Trading	—	judgment
SEBI v. Vinod Bahety and others (alleged insider trading, Adani Green Energy, 2025)	SEBI (India)	2025-12-12	Insider Trading	—	dismissed
SEBI v. Hemant Ghai (CNBC Awaaz stock recommendations, settlement, 2025)	SEBI (India)	2025-12-09	Front Running	—	settled
SEC v. Virtu Financial, Inc. and Virtu Americas LLC (2025)	SEC	2025-12-03		$2.5m	judgment
SEBI v. DroneAcharya Aerial Innovations Limited and others (misleading announcements and IPO fund misuse, 2025)	SEBI (India)	2025-11-28	Misleading Issuer Disclosure	—	judgment
SEBI v. Indra Pratap Gajraj Singh (Octant Interactive Technologies circular trading, remand dismissal, 2025)	SEBI (India)	2025-11-27	Wash Trading , Price Manipulation	—	dismissed
SEC v. Solomon Lichtenstein (ponzi schemes, 2025)	SEC	2025-11-26	Ponzi Schemes	—	filed
SEC v. M Holdings Securities, Inc. (customer information safeguards, 2025)	SEC	2025-11-25		$325k	settled
SEC v. Linh Thuy Le and Trong Hoang Luu (ponzi schemes, 2025)	SEC	2025-11-19	Ponzi Schemes	—	filed
SEC v. Marco G. Santarelli (ponzi schemes, 2025)	SEC	2025-11-19	Ponzi Schemes	—	judgment
SEBI v. Atul Gopeshwar Chaturvedi (front running of Societe Generale orders, settlement, 2025)	SEBI (India)	2025-11-18	Front Running	—	settled
SEC v. Anthony Viggiano, CPA (insider trading, 2025)	SEC	2025-11-18	Insider Trading	—	judgment
SEC v. Cyrus P. Naderi (free riding and parking, 2025)	SEC	2025-11-18	Free Riding And Parking	$40k	judgment
AMF France v. AMA Corporation PLC (false or misleading information, 2025)	AMF (France)	2025-11-13	Misleading Issuer Disclosure	—	settled
AMF France v. Christian Guillemot (false or misleading information, 2025)	AMF (France)	2025-11-13	Misleading Issuer Disclosure	—	settled
SEBI v. Harish Kumar Sakaria (Gala Global Products price manipulation, remand dismissal, 2025)	SEBI (India)	2025-11-11	Matched Orders , Price Manipulation	—	dismissed
SEBI v. Chandrima Mercantiles Limited and others (price and volume manipulation of Quasar India, 2025)	SEBI (India)	2025-10-31	Price Manipulation , Wash Trading	—	judgment
SEBI v. Dilip Kumar Kanoria and others (front running of a proprietary client, 2025)	SEBI (India)	2025-10-27	Front Running	—	judgment
SEBI v. Shankar Tukaram Vadatkar and others (front running of family-trust orders, 2025)	SEBI (India)	2025-10-23	Front Running	—	judgment
OSC v. Ontario Securities Commission v Jessica Tam (insider trading, 2025)	OSC	2025-10-22	Insider Trading	—	settled
SEBI v. A. K. Capital Services Limited and others (DHFL debenture issue, settlement, 2025)	SEBI (India)	2025-10-16		—	settled
FCA v. Neil Sedgwick Dwane (insider trading, 2025)	FCA	2025-10-13	Insider Trading	—	settled
Victorian man sentenced in Cann Group insider trading case (ASIC, 2025)	ASIC	2025-10-06	Insider Trading	—	judgment
SEBI v. Sunny Bhatia and others (front running of a family-group client, 2025)	SEBI (India)	2025-10-06	Front Running	—	judgment
SEBI v. Manish Chaturvedi and others (front running of Societe Generale orders, settlement, 2025)	SEBI (India)	2025-10-06	Front Running	—	settled
SEBI v. Kushal Rajesh Sheth and others (front running of Marcellus group trades, settlement, 2025)	SEBI (India)	2025-10-03	Front Running	—	settled
SEC v. Agridime, LLC, Jed Wood, and Joshua Link (ponzi schemes, 2025)	SEC	2025-09-30	Ponzi Schemes	$3.3m	judgment
SEBI v. Starlog Enterprises Limited and Saket Agarwal (delayed impairment and misstated losses, 2025)	SEBI (India)	2025-09-29	Misleading Issuer Disclosure	—	judgment
SEBI v. Man Industries (India) Limited and others (misstated consolidated accounts and disguised loans, 2025)	SEBI (India)	2025-09-29	Misleading Issuer Disclosure	—	judgment
SEBI v. Narendra Ramshankar Dubey (last-traded-price contributions, Max Heights Infrastructure, 2025)	SEBI (India)	2025-09-26	Price Manipulation	—	judgment
SEC v. Taino Adrian Lopez, Alexander Farhang Mehr, and Maya Rose Burkenroad (ponzi schemes, 2025)	SEC	2025-09-25	Ponzi Schemes	—	filed
SEBI v. Seacoast Shipping Services Ltd and others (false financial statements and fund diversion, 2025)	SEBI (India)	2025-09-24	Misleading Issuer Disclosure	—	judgment
SEC v. Dmitrii Yevgenyevich Kushnarev (hijacked account ramping, 2025)	SEC	2025-09-24	Hijacked Account Ramping	—	filed
OSC v. Ontario Securities Commission v Huy Le Huynh and Thi Anh Nguyet Pham (insider trading, 2025)	OSC	2025-09-23	Insider Trading	—	settled
SEBI v. Rishi Sudhirbahi Shah (insider trading, Torrent Power, 2025)	SEBI (India)	2025-09-23	Insider Trading	—	settled
SEBI v. Anupam Gupta and Nitin Kumar Garg (insider trading, Nucleus Software Exports, 2025)	SEBI (India)	2025-09-23	Insider Trading	—	judgment
SEC v. Arthur P. Pizzello. Jr. and Robert Quattrocchi (insider trading, 2025)	SEC	2025-09-23	Insider Trading	$153k	judgment
SEC v. Aaron O'Brian Freeman (free riding and parking, 2025)	SEC	2025-09-22	Free Riding And Parking	—	filed
SEC v. Pathyam Patel (2025)	SEC	2025-09-22		—	settled
SEBI v. Shubham Mittal and others (Max Heights Infrastructure share-split proposal, 2025)	SEBI (India)	2025-09-22	Misleading Issuer Disclosure , Price Manipulation	—	judgment
SEBI v. Adani Ports and SEZ Ltd and others (Adicorp loan routing, 2025)	SEBI (India)	2025-09-18	Misleading Issuer Disclosure	—	dismissed
SEBI v. Adani Ports and Special Economic Zone Limited and others (alleged concealed related-party loans, Milestone and Rehvar, 2025)	SEBI (India)	2025-09-18	Misleading Issuer Disclosure	—	dismissed
CFTC v. Shinhan Securities Co. Ltd. (wash trading, 2025)	CFTC	2025-09-17	Wash Trading	$213k	judgment
SEBI v. Panchal Shanti Lal (alleged reversal and synchronized trades, Swan Energy, 2025)	SEBI (India)	2025-09-17	Matched Orders , Wash Trading	—	dismissed
SEC v. Justin R. Kimbrough and Prosperity Consultants, LLC (ponzi schemes, 2025)	SEC	2025-09-17	Ponzi Schemes	—	judgment
SEBI v. Supreet Singh Luthra (insider trading, Adani group shares, 2025)	SEBI (India)	2025-09-16	Insider Trading	—	settled
SEBI v. Ajay Bhatia (insider trading, Adani group shares, 2025)	SEBI (India)	2025-09-16	Insider Trading	—	settled
Melbourne man sentenced in Kidman Resources insider trading case (ASIC, 2025)	ASIC	2025-09-15	Insider Trading	—	judgment
SEC v. Allen C. Giltman (fake certificate-of-deposit fraud, 2025)	SEC	2025-09-12		—	judgment
CFTC v. Brett Falloon and Flatiron Futures Traders LLC (spoofing, 2025)	CFTC	2025-09-09	Spoofing	$200k	judgment
SEC v. Henry Paul Regan, Jr. (ponzi schemes, 2025)	SEC	2025-09-09	Ponzi Schemes	—	filed
SEC v. Arsalan Rawjani and others (ponzi schemes, 2025)	SEC	2025-09-08	Ponzi Schemes	—	filed
SEC v. Austin D. Ellison-Meade (2025)	SEC	2025-09-05		—	judgment
SEC v. Calvin Guess and others (ponzi schemes, 2025)	SEC	2025-09-05	Ponzi Schemes	$236k	judgment
SEC v. Ryan Squillante (insider trading, 2025)	SEC	2025-09-05	Insider Trading	—	settled
SEBI v. Rajasthan Tube Manufacturing Company Limited and others (circular sales and misstated accounts, 2025)	SEBI (India)	2025-09-04	Misleading Issuer Disclosure	—	judgment
SEBI v. Pankaj Rameshchandra Vyas and others (synchronized trades in SecUR Credentials, 2025)	SEBI (India)	2025-09-03	Matched Orders , Price Manipulation	—	judgment
SEC v. Daryl F. Heller and others (ponzi schemes, 2025)	SEC	2025-09-03	Ponzi Schemes	—	filed
SEBI v. Sanjay Dalmia, Anurag Dalmia and Ashok Kumar Joshi (Golden Tobacco advances and misstated accounts, 2025)	SEBI (India)	2025-08-29	Misleading Issuer Disclosure	—	judgment
SEBI v. Arun Kumar Somani and others (alleged insider trading, Indian Oil Corporation, 2025)	SEBI (India)	2025-08-26	Insider Trading	—	dismissed
SEC v. David J. Minson (insider trading, 2025)	SEC	2025-08-22	Insider Trading	$551k	settled
SEC v. Rouzbeh “Ross” Haghighat and others (insider trading, 2025)	SEC	2025-08-22	Insider Trading	—	filed
SEC v. Justin Chen and Jun Zhen (insider trading, 2025)	SEC	2025-08-21	Insider Trading	—	judgment
SEC v. Stock Purse Trading LLC and others (ponzi schemes, 2025)	SEC	2025-08-21	Ponzi Schemes	—	settled
SEBI v. Omprakash A. Khandelwal (Aadhaar Ventures preferential allotment, 2025)	SEBI (India)	2025-08-21	Misleading Issuer Disclosure	—	dismissed
SEBI v. Manish Mishra and Vivek Chauhan (Hemo Organic YouTube videos, 2025)	SEBI (India)	2025-08-19	Social Media Ramps	—	dismissed
SEC v. Brent Cranmer and others (insider trading, 2025)	SEC	2025-08-18	Insider Trading	$50k	settled
SEC v. Robert Alan Yedid, Andrew Kaufman, Mark Jacobs (insider trading, 2025)	SEC	2025-08-18	Insider Trading	—	settled
SEC v. Wendy Swensen (2025)	SEC	2025-08-18		—	judgment
SEC v. Ryan R. Wear and others (ponzi schemes, 2025)	SEC	2025-08-15	Ponzi Schemes	—	filed
Charges laid in Platinum Asset Management insider trading case (ASIC, 2025)	ASIC	2025-08-12	Insider Trading	—	judgment
SEBI v. Kapil Wadhawan and others (DHFL loan diversion and false financial statements, 2025)	SEBI (India)	2025-08-12	Misleading Issuer Disclosure	—	judgment
SEC v. Bruce Cameron Conway (insider trading, 2025)	SEC	2025-08-11	Insider Trading	$161k	settled
SEC v. Ryan N. Cole (spoofing, 2025)	SEC	2025-08-11	Spoofing	$70.4k	settled
SEC v. Doron A. Tavlin, Afshin Farahan, and David Gantman (insider trading, 2025)	SEC	2025-08-06	Insider Trading	—	judgment
SEBI v. Hetal Rajesh Patel (RTS Power Corporation pay-in default, settlement, 2025)	SEBI (India)	2025-08-06		—	settled
SEC v. Sourcerock Group, LLC (rule 105 offering shorts, 2025)	SEC	2025-08-04	Rule 105 Offering Shorts	$250k	settled
SEC v. Anthony Finale (insider trading, 2025)	SEC	2025-08-01	Insider Trading	$15k	settled
SEC v. Vincent Barbuto (insider trading, 2025)	SEC	2025-08-01	Insider Trading	$19.9k	settled
SEBI v. Janakiram Ajjarapu and others (expansion announcement and promoter sales, Decipher Labs, 2025)	SEBI (India)	2025-07-31	Misleading Issuer Disclosure , Pump And Dump	—	judgment
SEBI v. Aakash Doshi and others (Telegram-promoted price manipulation, Darshan Orna, 2025)	SEBI (India)	2025-07-30	Chat Group Pumps , Price Manipulation	—	judgment
SEC v. Dishant Gupta (insider trading, 2025)	SEC	2025-07-30	Insider Trading	—	judgment
SEC v. Jose D. Rocha (ponzi schemes, 2025)	SEC	2025-07-30	Ponzi Schemes	—	judgment
SEBI v. Rupesh Satish Dalal HUF (insider trading, HDFC Ltd. and HDFC Bank merger, 2025)	SEBI (India)	2025-07-29	Insider Trading	—	judgment
SEBI v. Partha Sarathi Dhar and others (Zee Business guest-expert recommendations, 2025)	SEBI (India)	2025-07-28	Front Running	—	judgment
FCA v. Jean-Noël Yves Alba (2025)	FCA	2025-07-22		—	settled