Market manipulation enforcement actions filed in 2025

This library records 199 market manipulation enforcement actions filed in 2025, 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: 99
Total penalties: $6bn
Median penalty: $220k
Largest: $5.9bn
Criminal parallel: 22%

Action	Agency	Filed	Technique	Penalty	Status
SEC v. Brian M. Kashman (insider trading, 2025)	SEC	2025-07-22	Insider Trading	$77.7k	settled
SEC v. Edwin Brant Frost IV and First Liberty Building & Loan LLC (ponzi schemes, 2025)	SEC	2025-07-22	Ponzi Schemes	—	settled
SEC v. Edwin Emmett Lickiss, Jr. (ponzi schemes, 2025)	SEC	2025-07-22	Ponzi Schemes	—	filed
SEC v. Robert Brian Thompson (insider trading, 2025)	SEC	2025-07-21	Insider Trading	—	judgment
SEC v. Suyun Gu, et al. (wash trading, 2025)	SEC	2025-07-21	Wash Trading	$622k	judgment
SEC v. Eric J. Watson (insider trading, 2025)	SEC	2025-07-15	Insider Trading	—	filed
SEC v. Diana Mae Fernandez (2025)	SEC	2025-07-11		—	judgment
SEC v. Trijya Vakil and Neeraj Visen (insider trading, 2025)	SEC	2025-07-11	Insider Trading	—	settled
SEBI v. Aqua Proof Wall Plast Private Limited and others (front running of a big seller in KPIT Technologies, 2025)	SEBI (India)	2025-07-10	Front Running	—	judgment
SEC v. William A. Justice, Keith A. Rosenbaum, Brian D. Shibley, and Randell R. Torno (pump and dump, 2025)	SEC	2025-07-10	Pump And Dump	$70k	judgment
AMF France v. MND, M. Xavier Gallot-Lavallée and others (insider trading, 2025)	AMF (France)	2025-07-09	Insider Trading	—	judgment
SEBI v. Adhunik Dealcom Private Limited and others (front running of Santosh Industries orders, 2025)	SEBI (India)	2025-07-04	Front Running	—	judgment
SEBI v. Deepak Shaw (insider trading, Electrosteel Castings, 2025)	SEBI (India)	2025-07-03	Insider Trading	—	judgment
SEC v. Eduardo Hernandez (free riding and parking, 2025)	SEC	2025-07-03	Free Riding And Parking , Matched Orders	—	judgment
ASIC v. Delta Power & Energy (Vales Point) Pty Ltd (price manipulation, 2025)	ASIC	2025-06-30	Price Manipulation , Marking The Close	—	filed
SEBI v. Suzlon Energy Limited and others (alleged inflated net worth and misstated accounts, 2025)	SEBI (India)	2025-06-27	Misleading Issuer Disclosure	—	dismissed
SEC v. Benjamin Ballout and Mohamed Zayed (pump and dump, 2025)	SEC	2025-06-20	Pump And Dump	$922k	judgment
SEC v. Ongkaruck Sripetch and others (pump and dump, 2025)	SEC	2025-06-20	Pump And Dump , Unregistered Distributions	$204k	judgment
SEBI v. Shivprasad Pattiya and Alkesh Narware (WhatsApp algo-trading scheme, illiquid stock options, 2025)	SEBI (India)	2025-06-20	Price Manipulation	—	judgment
SEC v. Peter Scalise III and The3rdBevco Inc. (unregistered distributions, 2025)	SEC	2025-06-17	Unregistered Distributions	$236k	settled
CFTC v. Agridime LLC (ponzi schemes, 2025)	CFTC	2025-06-16	Ponzi Schemes	—	judgment
AMF France v. Mme Chenran Qiu, European TopSoho and others (false or misleading information, 2025)	AMF (France)	2025-06-10	Misleading Issuer Disclosure	—	judgment
ASIC secures guilty pleas in Telegram ‘pump and dump’ action (2025)	ASIC	2025-06-10	Chat Group Pumps , Pump And Dump	—	judgment
SEC v. Jack Brewer (insider trading, 2025)	SEC	2025-06-10	Insider Trading	—	filed
SEBI v. Ashok Naskar and others (Edynamics Solutions circular trading, remand order, 2025)	SEBI (India)	2025-06-10	Matched Orders	—	dismissed
SEC v. Medallion Financial Corp., Andrew Murstein, Lawrence Meyers, and Ichabod’s Cranium, Inc. (paid stock promotion, 2025)	SEC	2025-06-06	Paid Stock Promotion	$4.1m	judgment
SEBI v. Family Care Hospitals Limited and others (misstated financial statements, 2025)	SEBI (India)	2025-06-03	Misleading Issuer Disclosure	—	judgment
SEBI v. MBM Financial Services, Chetan Mehta and Mehernosh D. Bhagat (front running of Alpna Enterprises orders, 2025)	SEBI (India)	2025-05-30	Front Running	—	judgment
SEBI v. Gaurav Gupta, Rakesh Kumar Gupta and others (YouTube pump and dump, Sadhna Broadcast, 2025)	SEBI (India)	2025-05-29	Social Media Ramps , Pump And Dump	—	judgment
SEC v. Kronus Financial Corporation, Finser International Corporation, Andrew H. Jacobus (ponzi schemes, 2025)	SEC	2025-05-29	Ponzi Schemes	—	filed
AMF France v. Global Income S.A. (insider trading, 2025)	AMF (France)	2025-05-28	Insider Trading	—	settled
AMF France v. Jean-Philippe Cridlig (insider trading, 2025)	AMF (France)	2025-05-28	Insider Trading	—	settled
SEC v. Christopher Aubin and others (ponzi schemes, 2025)	SEC	2025-05-27	Ponzi Schemes	—	filed
SEBI v. Chetan Sukhdev Pandit and Prahlad Vithaldas Panchal (misused auditor names in company filings, 2025)	SEBI (India)	2025-05-23	Misleading Issuer Disclosure	—	dismissed
SEC v. Joel J. Natario and Jefferson Scott Baker (ponzi schemes, 2025)	SEC	2025-05-23	Ponzi Schemes	—	settled
SEC v. Kenneth Mattson and Relief Defendant KS Mattson Partners LP (ponzi schemes, 2025)	SEC	2025-05-23	Ponzi Schemes	—	filed
ASIC v. Darryl Mapleson (insider trading, 2025)	ASIC	2025-05-16	Insider Trading	—	judgment
AMF France v. Mme Karen Pignet-Aiach and others (insider trading, 2025)	AMF (France)	2025-05-05	Insider Trading	—	judgment
SEBI v. Seya Industries Limited and others (fictitious sales and diverted funds, 2025)	SEBI (India)	2025-05-02	Misleading Issuer Disclosure	—	judgment
SEC v. Kenneth W. Alexander II and others (ponzi schemes, 2025)	SEC	2025-05-02	Ponzi Schemes	—	filed
SEBI v. Manish Mishra and others (YouTube stock promotion, Atlantaa Limited, 2025)	SEBI (India)	2025-04-30	Social Media Ramps , Pump And Dump	—	judgment
SEC v. Jenni Yoon Jeong Lee and Evergreen Property Developments LLC (ponzi schemes, 2025)	SEC	2025-04-30	Ponzi Schemes	—	judgment
SEC v. Ramil Ventura Palafox (ponzi schemes, 2025)	SEC	2025-04-29	Ponzi Schemes	—	filed
SEBI v. Ashesh Shailesh Mehta and Shivangi Ashesh Mehta (Bliss Consultants, unregistered portfolio management, 2025)	SEBI (India)	2025-04-24		—	judgment
SEC v. CLS Global FZC LLC (paid crypto market making, 2025)	SEC	2025-04-17	Paid Crypto Market Making	$425k	judgment
SEC v. Mark A. Miller, Saeid Jaberian and Christopher J. Rajkaran (pump and dump, 2025)	SEC	2025-04-17	Pump And Dump	—	judgment
SEBI v. Nehal Milan Mehta and Ashish Anup Nigam (insider trading, BF Investment, 2025)	SEBI (India)	2025-04-11	Insider Trading	—	settled
SEC v. Milan V. Patel (false rumors, 2025)	SEC	2025-04-11	False Rumors	—	judgment
SEBI v. OPG Securities Private Limited and others (NSE co-location penalty, remand order, 2025)	SEBI (India)	2025-04-02		—	judgment
OSC v. Blockratize Inc. and Adventure One QSS Inc. (2025)	OSC	2025-04-01		—	settled
SEBI v. Onelife Capital Advisors Ltd and others (related-party transactions, 2025)	SEBI (India)	2025-03-28	Misleading Issuer Disclosure	—	judgment
SEBI v. Nikhil Khaitan and others (family front running of big-client orders, 2025)	SEBI (India)	2025-03-28	Front Running	—	judgment
SEBI v. Rohan Banerjee and Rahul Banerjee (front running of Tusk Investment orders, 2025)	SEBI (India)	2025-03-28	Front Running	—	judgment
SEBI v. Soumen Mitra and Sanjoy Kumar Dey (V B Industries, remand order, 2025)	SEBI (India)	2025-03-20	Painting The Tape	—	dismissed
SEBI v. Hemant Ghai and others (trading ahead of TV stock recommendations, 2025)	SEBI (India)	2025-03-19	Front Running	—	judgment
Victorian man charged over alleged market manipulation (ASIC, 2025)	ASIC	2025-03-14	Price Manipulation , Wash Trading	—	judgment
SEC v. Eamma Safi and Zhi Ge a/k/a Josh Ge (insider trading, 2025)	SEC	2025-03-14	Insider Trading	—	filed
AMF France v. M. Denys Sournac and others (insider trading, 2025)	AMF (France)	2025-03-12	Insider Trading	—	dismissed
SEC v. Ronald Pallek (2025)	SEC	2025-03-11		—	settled
SEC v. George N. Demos (insider trading, 2025)	SEC	2025-03-10	Insider Trading	—	settled
Antonio Stella indicted on insider trading charges (ASIC, 2025)	ASIC	2025-03-06	Insider Trading	—	judgment
SEC v. Rey D. Acosta (free riding and parking, 2025)	SEC	2025-03-06	Free Riding And Parking	$15k	judgment
SEC v. Jeffrey Suchecki (insider trading, 2025)	SEC	2025-03-04	Insider Trading	$64.6k	settled
SEBI v. Vijay Pujara and others (synchronized and circular trades, Kavit Industries, 2025)	SEBI (India)	2025-02-28	Matched Orders , Wash Trading	—	judgment
SEBI v. Ravindra Dahyabhai Patel (Sadhna Broadcast YouTube pump, settlement, 2025)	SEBI (India)	2025-02-27	Social Media Ramps , Pump And Dump	—	settled
SEC v. Robert Allen Stanford and others (ponzi schemes, 2025)	SEC	2025-02-24	Ponzi Schemes	$5.9bn	judgment
SEBI v. Electrocast Sales India Ltd., Madhav Kejriwal and others (insider trading, Electrosteel Castings, 2025)	SEBI (India)	2025-02-20	Insider Trading	—	settled
SEC v. Thurman P. Bryant, III and others (ponzi schemes, 2025)	SEC	2025-02-20	Ponzi Schemes	—	judgment
SEBI v. Krishna Shriram, legal heir of Siddharth Shriram (insider trading in Mawana Sugars, 2025)	SEBI (India)	2025-02-18	Insider Trading	—	judgment
SEC v. Charlie Jinan Chen (insider trading, 2025)	SEC	2025-02-13	Insider Trading	$893k	judgment
CFTC v. Rashawn Russell (ponzi schemes, 2025)	CFTC	2025-02-10	Ponzi Schemes	—	judgment
SEC v. Anthony Marsico and others (insider trading, 2025)	SEC	2025-02-10	Insider Trading	—	filed
SEC v. Airborne Wireless Network and others (pump and dump, 2025)	SEC	2025-02-07	Pump And Dump , Undisclosed Control Blocks	$22.6m	judgment
SEBI v. Brightcom Group Ltd., M. Suresh Kumar Reddy and others (accounting irregularities, 2025)	SEBI (India)	2025-02-06	Misleading Issuer Disclosure	—	judgment
SEC v. Frank T. Poerio, Jr. (insider trading, 2025)	SEC	2025-02-06	Insider Trading	—	judgment
SEC v. Andre Wong (insider trading, 2025)	SEC	2025-02-04	Insider Trading	$93.9k	judgment
AMF France v. M. Frédéric Marty and others (spoofing, 2025)	AMF (France)	2025-02-03	Spoofing	—	judgment
SEBI v. Keyur Maniar and Ramit Chaudhri (insider trading in Infosys, 2025)	SEBI (India)	2025-01-31	Insider Trading	—	judgment
SEBI v. Vivek Chauhan, Manish Mishra and others (Pressure Sensitive Systems YouTube ramp, 2025)	SEBI (India)	2025-01-31	Social Media Ramps , Pump And Dump	—	judgment
SEBI v. Cerebra Integrated Technology Limited and others (misstated financial statements, 2025)	SEBI (India)	2025-01-30	Misleading Issuer Disclosure	—	judgment
SEBI v. Urja Global Limited and others (misleading announcements, 2025)	SEBI (India)	2025-01-29	Misleading Issuer Disclosure	—	judgment
SEBI v. Mandar Ulhas Bhatkar and Vikrant Bhimrao Kadam (front running of SVI Consolidated trades, 2025)	SEBI (India)	2025-01-28	Front Running	—	judgment
SEBI adjudication orders on illiquid stock options at BSE (2025 batch)	SEBI (India)	2025-01-27	Matched Orders	—	judgment
SEC v. John A. Heropoulos (insider trading, 2025)	SEC	2025-01-24	Insider Trading	$60.6k	settled
SEC v. Kenneth G. Miccio (insider trading, 2025)	SEC	2025-01-24	Insider Trading	$10k	settled
SEC v. Gabriel Rebeiz (insider trading, 2025)	SEC	2025-01-22	Insider Trading	$361k	settled
AMF France v. Pharnext, M. Daniel Cohen and M. David Horn Solomon (false or misleading information, 2025)	AMF (France)	2025-01-20	Misleading Issuer Disclosure	—	judgment
SEC v. Barry A. Ruffalo (insider trading, 2025)	SEC	2025-01-17	Insider Trading	$123k	settled
SEC v. Investview, Inc. (unregistered distributions, 2025)	SEC	2025-01-17	Unregistered Distributions	$375k	settled
SEC v. Naufal Sanaullah (2025)	SEC	2025-01-17		—	settled
SEC v. Robert L. Ruffalo and others (insider trading, 2025)	SEC	2025-01-17	Insider Trading	$70.9k	settled
SEC v. William R. Ruffalo (insider trading, 2025)	SEC	2025-01-17	Insider Trading	$108k	settled
SEC v. Eric Zhu (rug pulls, 2025)	SEC	2025-01-16	Rug Pulls	$150k	settled
SEC v. Hari Prasad Sure, et al. (insider trading, 2025)	SEC	2025-01-14	Insider Trading	—	judgment
SEC v. Alfred V. Tobia, Jr. and Elizabeth Lee (insider trading, 2025)	SEC	2025-01-13	Insider Trading	$1.4m	settled
SEC v. Robinhood Financial LLC and Robinhood Securities, LLC (naked short selling debate, 2025)	SEC	2025-01-13	Naked Short Selling Debate	$45m	settled
SEC v. SpeedRoute LLC (suspicious activity reporting, 2025)	SEC	2025-01-10		$600k	settled
SEBI v. Meghana Gosar and Deven Sangoi (front running settlement, 2025)	SEBI (India)	2025-01-08	Front Running	—	settled
SEC v. Joseph M. Dupont and others (insider trading, 2025)	SEC	2025-01-03	Insider Trading	$36k	judgment