https://marketmanipulation.org/cases/technique/boiler-rooms/ The 30 most recent enforcement records tagged boiler rooms in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Mon, 17 Aug 2026 00:00:00 GMT https://marketmanipulation.org/cases/sec-andrew-spaventa-boiler-rooms-2026/ https://marketmanipulation.org/cases/sec-andrew-spaventa-boiler-rooms-2026/ In 2026, the Securities and Exchange Commission filed a civil action against Andrew Spaventa and three entities he controlled, alleging they raised more than $74 million from over 800 mostly retail investors in eleven pre-IPO funds through over 100 sales agents who cold-called prospects with high-pressure tactics, hiding markups of about 46 percent. Mon, 17 Aug 2026 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-lr-26174-boiler-rooms-2024/ https://marketmanipulation.org/cases/sec-lr-26174-boiler-rooms-2024/ In 2024, the SEC announced a default judgment in the Eastern District of New York against Timothy Page and three entities in a case alleging they hid their control of microcap companies through nominees, manipulated trading and hired boiler rooms to create demand. Mr Page was ordered to pay $7,652,228 in disgorgement, $983,819 in interest and a $7,652,228 penalty. Wed, 20 Nov 2024 00:00:00 GMT SEC boiler-rooms undisclosed-control-blocks https://marketmanipulation.org/cases/sec-mario-gogliormella-steven-lacaj-boiler-rooms-2024/ https://marketmanipulation.org/cases/sec-mario-gogliormella-steven-lacaj-boiler-rooms-2024/ In 2024, the Securities and Exchange Commission brought an action against Mario Gogliormella, Steven Lacaj, and Karim Ibrahim a/k/a/ Chris Hayes, alleging conduct this library classifies as boiler rooms. No monetary relief has been recorded at this stage; the matter is an allegation and remains unproven. A parallel criminal matter is referenced in the release. Wed, 12 Jun 2024 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-legend-venture-partners-llc-boiler-rooms-2023/ https://marketmanipulation.org/cases/sec-legend-venture-partners-llc-boiler-rooms-2023/ In 2023, the Securities and Exchange Commission brought an action against Legend Venture Partners LLC, alleging conduct this library classifies as boiler rooms. No monetary relief has been recorded at this stage; the matter is an allegation and remains unproven. Tue, 11 Jul 2023 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-vuuzle-media-corp-vuuzle-media-corp-limited-ronald-shane-flynn-boiler-rooms-/ https://marketmanipulation.org/cases/sec-vuuzle-media-corp-vuuzle-media-corp-limited-ronald-shane-flynn-boiler-rooms-/ In 2023, the SEC announced default final judgments in the District of New Jersey against Vuuzle Media Corp., Vuuzle Media Corp. Limited, Ronald Shane Flynn and Richard Marchitto over a boiler room offering fraud that raised more than $25 million. Flynn and the two companies were held jointly liable for $25,807,491 disgorgement and $720,354 interest, and Flynn was ordered to pay a $25,807,491 penalty. Tue, 27 Jun 2023 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-matthew-nicosia-william-reininger-fabrizio-di-carlo-boiler-rooms-2023/ https://marketmanipulation.org/cases/sec-matthew-nicosia-william-reininger-fabrizio-di-carlo-boiler-rooms-2023/ In 2023, the SEC announced final judgments in the Eastern District of New York against Matthew Nicosia, William Reininger and Ronald Touchard in a microcap fraud sold through high-pressure sales calls and promotions, including a boiler room run by Fabrizio Di Carlo. Nicosia was ordered to pay $526,050 in disgorgement, $46,311 in interest and a $223,229 penalty; the case against Di Carlo continued. Mon, 10 Apr 2023 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-joseph-r-earle-jr-barry-d-reagh-william-clayton-francis-t-dudley-steven-e-br/ https://marketmanipulation.org/cases/sec-joseph-r-earle-jr-barry-d-reagh-william-clayton-francis-t-dudley-steven-e-br/ In 2022, the SEC filed charges in the Southern District of California against five individuals and two companies over a 2018 and 2019 pump-and-dump of Upper Street Marketing stock, alongside sales of new shares through what the release calls a boiler room. The SEC seeks injunctions, disgorgement, penalties and bars; the case was unresolved at the release date. Consent final judgments were entered on July 6, 2026 against two of the seven defendants, Dudley and Bryant; no outcome for the others was found. Mon, 05 Dec 2022 00:00:00 GMT SEC boiler-rooms pump-and-dump https://marketmanipulation.org/cases/sec-geraci-boiler-rooms-2022/ https://marketmanipulation.org/cases/sec-geraci-boiler-rooms-2022/ In November 2022 the SEC opened follow-on administrative proceedings against Paul Geraci, who had pleaded guilty to conspiracy to commit mail and wire fraud over a boiler room selling Social Voucher and Stocket stock. Geraci never responded, and on August 21, 2024 the Commission found him in default and barred him from the securities industry and from penny stock offerings. The Commission's opinion records a 57-month prison sentence. Fri, 04 Nov 2022 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-mark-alan-lisser-a-k-a-mark-alan-a-k-a-mark-allen-boiler-rooms-2022/ https://marketmanipulation.org/cases/sec-mark-alan-lisser-a-k-a-mark-alan-a-k-a-mark-allen-boiler-rooms-2022/ In 2022, the Securities and Exchange Commission obtained a judgment against Mark Alan Lisser a/k/a Mark Alan a/k/a Mark Allen, alleging conduct this library classifies as boiler rooms. The release records disgorgement of $890,093. A parallel criminal matter produced a custodial sentence of 24 months. Thu, 27 Oct 2022 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-matthew-nicosia-william-reninger-fabrizio-di-carlo-boiler-rooms-2022/ https://marketmanipulation.org/cases/sec-matthew-nicosia-william-reninger-fabrizio-di-carlo-boiler-rooms-2022/ In September 2022 the SEC sued four men over an alleged boiler-room scheme selling microcap stock, including Odyssey Group International. Nicosia, Reininger and Touchard consented to final judgments on April 4, 2023, and a default judgment against Di Carlo followed on March 27, 2024. Recorded money is disgorgement of $805,450, interest of $71,081 and penalties of $453,229, excluding Di Carlo's combined disgorgement and interest. Wed, 28 Sep 2022 00:00:00 GMT SEC boiler-rooms pump-and-dump https://marketmanipulation.org/cases/sec-justin-wallace-herman-anthony-michael-baker-ian-horn-boiler-rooms-2022/ https://marketmanipulation.org/cases/sec-justin-wallace-herman-anthony-michael-baker-ian-horn-boiler-rooms-2022/ In 2022, the SEC filed a civil action in the Eastern District of Kentucky against Justin W. Herman, Anthony M. Baker, Ian Horn and Island Capital Inc over a 2017 scheme to sell NxGen Brands (formerly Pyramidion Technology Group) stock at inflated prices, including through paid boiler rooms, for profits of over $1 million. Only Mr Horn had settled, for $1,000 disgorgement and a $10,000 penalty. Tue, 12 Apr 2022 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-francis-biller-et-al-pump-and-dump-2022/ https://marketmanipulation.org/cases/sec-francis-biller-et-al-pump-and-dump-2022/ In March 2022 the SEC charged five defendants, including Francis Biller, over a Colombian call-center pump-and-dump scheme. Biller and three others consented to judgments, and on September 30, 2026 the court entered a default judgment against Raymond Dove for about $4.6 million in disgorgement, interest and penalties. Money terms for the consent judgments of Biller, Alvarez and Plaizier were not read. Thu, 17 Mar 2022 00:00:00 GMT SEC pump-and-dump boiler-rooms https://marketmanipulation.org/cases/sec-robert-lenard-booth-michael-d-urso-daniel-t-wellcome-jr-alyssa-d-urso-antone/ https://marketmanipulation.org/cases/sec-robert-lenard-booth-michael-d-urso-daniel-t-wellcome-jr-alyssa-d-urso-antone/ In 2022, the SEC charged six U.S. nationals in the Southern District of New York over overseas boiler rooms that allegedly sold fake investments to more than 140 victims, taking more than $8 million, with five of them accused of laundering the money through fake-company bank accounts in New York. A parallel criminal case was filed. Wed, 09 Feb 2022 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-timothy-page-et-al-daniel-cattlin-boiler-rooms-2021/ https://marketmanipulation.org/cases/sec-timothy-page-et-al-daniel-cattlin-boiler-rooms-2021/ In September 2021 the SEC filed two complaints over an alleged transatlantic microcap manipulation led by Timothy and Trevor Page. Judgments were entered against Cattlin (March 26, 2024), Timothy Page and three entities (November 14, 2024, by default) and Shupe settled; the SEC reported its case against Trevor Page as ongoing. Mon, 27 Sep 2021 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-zeeshawn-s-zia-boiler-rooms-2021/ https://marketmanipulation.org/cases/sec-zeeshawn-s-zia-boiler-rooms-2021/ In 2021, the SEC charged Elite Aerospace Group, Inc. and seven individuals, including Zeeshawn S. Zia, over two fraudulent offerings that raised $70 million, alleging Michael P. Owens ran a boiler room that raised about $67 million from investors between 2014 and 2018 with the knowledge of executives Dustin B. Tillman and Mr Zia. Wed, 01 Sep 2021 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-jonathan-mimun-a-k-a-jonathan-maymon-boiler-rooms-2021/ https://marketmanipulation.org/cases/sec-jonathan-mimun-a-k-a-jonathan-maymon-boiler-rooms-2021/ In July 2021 the SEC sued Jonathan Mimun and Ronn BenHarav over an alleged binary-options sales operation using the Porter Finance and Dalton Finance brands. A later Commission order states that an amended final judgment was entered on April 26, 2024, with joint disgorgement of $25,777,909.10, $7,324,621.53 interest and $12,888,954 penalty each. Tue, 13 Jul 2021 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-kai-christian-petersen-et-al-boiler-rooms-2021/ https://marketmanipulation.org/cases/sec-kai-christian-petersen-et-al-boiler-rooms-2021/ In 2021, the SEC announced final consent judgments in April 2021 against Kai Christian Petersen, Gil Beserglik and Raz Beserglik in the Central District of California over binary options brokers run through call centers in Germany and Israel that the SEC describes as boiler rooms. Petersen agreed to $200,296 in disgorgement and interest and a $100,000 penalty; the Besergliks agreed to larger amounts. Tue, 25 May 2021 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-vuuzle-media-corp-ronald-shane-flynn-boiler-rooms-2021/ https://marketmanipulation.org/cases/sec-vuuzle-media-corp-ronald-shane-flynn-boiler-rooms-2021/ In January 2021 the SEC charged Vuuzle Media Corp., Ronald Shane Flynn and Richard Marchitto over a boiler-room offering that raised more than US$25 million. On 22 June 2023 the District of New Jersey entered default judgments against Vuuzle US, Vuuzle UAE, Flynn and Marchitto with injunctions, about US$26.3 million in disgorgement and about US$27.9 million in penalties. Wed, 27 Jan 2021 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-mark-alan-lisser-a-k-a-mark-alan-a-k-a-mark-allen-boiler-rooms-2020/ https://marketmanipulation.org/cases/sec-mark-alan-lisser-a-k-a-mark-alan-a-k-a-mark-allen-boiler-rooms-2020/ In December 2020 the SEC charged Mark Lisser with running Knightsbridge Capital boiler rooms that sold supposed pre-IPO shares. On 7 October 2022 the Eastern District of New York entered a consent judgment with US$890,092.90 in disgorgement and US$71,347.20 in interest, treated as satisfied by a criminal restitution order; he had been sentenced to 24 months in prison. Tue, 01 Dec 2020 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-alex-forester-michael-hicks-yarden-krampf-christopher-lee-sean-o-neal-michae/ https://marketmanipulation.org/cases/sec-alex-forester-michael-hicks-yarden-krampf-christopher-lee-sean-o-neal-michae/ In October 2020 the SEC charged seven individuals with acting as unregistered brokers for boiler rooms selling microcap stock. By 28 October 2022 the Central District of California had entered final judgments against all seven, with injunctions and civil penalties ranging from US$3,000 to US$1,144,061.81 and totalling about US$1.82 million. Tue, 27 Oct 2020 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-powertraderspress-com-inc-et-al-boiler-rooms-2020/ https://marketmanipulation.org/cases/sec-powertraderspress-com-inc-et-al-boiler-rooms-2020/ In 2020, the SEC announced final consent judgments in the Eastern District of New York against Emin Cohen and Dennis Verderosa, charged in 2017 over a $10 million boiler room scheme that used threatening sales tactics to pressure retail investors into penny stocks. Mr Cohen was ordered to disgorge $136,373 and Mr Verderosa $383,344, both deemed satisfied by criminal forfeiture and restitution. Mon, 21 Sep 2020 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-paul-ewer-boiler-rooms-2020/ https://marketmanipulation.org/cases/sec-paul-ewer-boiler-rooms-2020/ In 2020, the Securities and Exchange Commission brought an action against Paul Ewer, alleging conduct this library classifies as boiler rooms. The release does not state a monetary figure that we were able to extract. Fri, 22 May 2020 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-robert-gilbert-boiler-rooms-2020/ https://marketmanipulation.org/cases/sec-robert-gilbert-boiler-rooms-2020/ In 2020, the Securities and Exchange Commission obtained a judgment against Robert Gilbert, alleging conduct this library classifies as boiler rooms. The release does not state a monetary figure that we were able to extract. Fri, 22 May 2020 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-clinton-maurice-tucker-ii-boiler-rooms-2020/ https://marketmanipulation.org/cases/sec-clinton-maurice-tucker-ii-boiler-rooms-2020/ A final judgment was entered on November 16, 2020 in the Central District of California permanently enjoining Clinton Tucker II from antifraud and broker-registration violations. The SEC cites it in a May 2021 follow-on proceeding, which states no money amounts. Mon, 11 May 2020 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-drake-et-al-messier-et-al-brooks-boiler-rooms-2020/ https://marketmanipulation.org/cases/sec-drake-et-al-messier-et-al-brooks-boiler-rooms-2020/ In 2020, the SEC charged five people with running boiler-room operations for a matched-trading scheme in dozens of microcap stocks, and three solicitors with acting as unregistered brokers by cold-calling investors into buying at prices and volumes coordinated with selling shareholders. Five of the eight consented to final judgments. Thu, 16 Jan 2020 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-anton-senderov-et-al-boiler-rooms-2019/ https://marketmanipulation.org/cases/sec-anton-senderov-et-al-boiler-rooms-2019/ On August 27, 2020 the Eastern District of Washington entered final consent judgments against binary options operators Anton Senderov and Lior Babazara, who neither admitted nor denied the SEC's claims. They agreed to pay $560,000 in disgorgement and interest jointly, plus $350,000 in penalty each, and accepted injunctions including a ban on selling binary options in the United States. Thu, 10 Oct 2019 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-gil-beserglik-et-al-boiler-rooms-2019/ https://marketmanipulation.org/cases/sec-gil-beserglik-et-al-boiler-rooms-2019/ The Central District of California entered final consent judgments on April 20 and 21, 2021 against Gil Beserglik, Raz Beserglik and Kai Christian Petersen, who neither admitted nor denied the SEC's allegations. They were ordered to pay about $4.6 million in disgorgement and interest plus $865,000 in penalties and were barred from selling binary options. Mon, 30 Sep 2019 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-benjamin-conde-defendant-boiler-rooms-2019/ https://marketmanipulation.org/cases/sec-benjamin-conde-defendant-boiler-rooms-2019/ In 2019, the Securities and Exchange Commission filed a civil action in the Eastern District of New York against Benjamin Conde, alleging he paid a New York boiler room to promote Renewable Energy and Power, Inc. stock to seniors and retail investors while trading on the opposite side, generating about $3.1 million in proceeds. Two Conde-controlled companies are named as relief defendants. Mon, 23 Sep 2019 00:00:00 GMT SEC boiler-rooms https://marketmanipulation.org/cases/sec-bio-defense-corporation-et-al-boiler-rooms-2019/ https://marketmanipulation.org/cases/sec-bio-defense-corporation-et-al-boiler-rooms-2019/ In 2019, the Securities and Exchange Commission obtained final judgments in its 2012 case against Bio Defense Corporation and five former executives and consultants, charged with defrauding investors of $26 million through unregistered offerings; the complaint alleges two of them were hired to reach boiler room firms to sell the securities overseas for up to 75 percent of proceeds. Fri, 13 Sep 2019 00:00:00 GMT SEC boiler-rooms unregistered-distributions https://marketmanipulation.org/cases/sec-toon-goggles-inc-et-al-boiler-rooms-2019/ https://marketmanipulation.org/cases/sec-toon-goggles-inc-et-al-boiler-rooms-2019/ In September 2019 the SEC charged Toon Goggles Inc. and founder Ira Warkol over a $19 million securities offering sold through boiler rooms to about 400 retail investors. Warkol's consent judgment was entered on October 28, 2019 (about $2.03 million in disgorgement and interest and a $189,427 penalty), and the company's judgment on October 23, 2020 added a $5 million civil penalty. Fri, 06 Sep 2019 00:00:00 GMT SEC boiler-rooms