https://marketmanipulation.org/cases/technique/layering/ The 14 most recent enforcement records tagged layering in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Fri, 17 Jun 2022 00:00:00 GMT https://marketmanipulation.org/cases/sec-lek-securities-corporation-et-al-layering-2022/ https://marketmanipulation.org/cases/sec-lek-securities-corporation-et-al-layering-2022/ In 2022, the Securities and Exchange Commission reported an appeals ruling against Vali Management Partners (Avalon FA Ltd), Nathan Fayyer and Sergey Pustelnik. The Second Circuit affirmed a judgment, following a 2019 jury verdict, that the three defendants ran layering and cross-market manipulation schemes producing over $25 million; each was ordered to pay $7.5 million in penalties. Lek Securities and its CEO had settled earlier. The release records a civil penalty of $22.5 million. Fri, 17 Jun 2022 00:00:00 GMT SEC layering spoofing https://marketmanipulation.org/cases/sec-milrud-layering-2022/ https://marketmanipulation.org/cases/sec-milrud-layering-2022/ In 2022, the Securities and Exchange Commission obtained a consent judgment against Aleksandr Milrud. A final consent judgment enjoins Milrud, who the SEC alleged ran a layering scheme using traders in China and Korea. His disgorgement is deemed satisfied by a $285,000 criminal forfeiture; he received five years of probation in the parallel criminal case. Wed, 26 Jan 2022 00:00:00 GMT SEC layering https://marketmanipulation.org/cases/sec-xuepeng-xie-layering-2021/ https://marketmanipulation.org/cases/sec-xuepeng-xie-layering-2021/ In 2021, the Securities and Exchange Commission settled an action with Xuepeng Xie. The order finds Xie ran a spoofing and layering scheme in hundreds of thinly traded stocks, earning about $1.86 million, and imposes $1,864,787 disgorgement, $243,991 interest and a $600,000 penalty. The release records a civil penalty of $600,000, disgorgement of $1,864,787, prejudgment interest of $243,991. Mon, 27 Sep 2021 00:00:00 GMT SEC layering spoofing https://marketmanipulation.org/cases/sec-j-p-morgan-securities-llc-layering-2020/ https://marketmanipulation.org/cases/sec-j-p-morgan-securities-llc-layering-2020/ In 2020, the Securities and Exchange Commission settled an action with J.P. Morgan Securities LLC. The order finds J.P. Morgan Securities' trader placed layered orders on one side of the market for U.S. Treasuries that he did not intend to execute, to move prices for his genuine orders. It imposes $10 million disgorgement and a $25 million penalty, which is offset by the penalty in the parallel CFTC order. The release records a civil penalty of $25 million, disgorgement of $10 million. Tue, 29 Sep 2020 00:00:00 GMT SEC layering spoofing https://marketmanipulation.org/cases/sec-nicholas-mejia-scrivener-layering-2020/ https://marketmanipulation.org/cases/sec-nicholas-mejia-scrivener-layering-2020/ In 2020, the Securities and Exchange Commission settled an action with Nicholas Mejia Scrivener. The order finds Scrivener spoofed with non-bona fide stock orders between 2015 and 2016, imposing $140,250 disgorgement, $15,020 interest and a $50,000 penalty. The release records a civil penalty of $50,000, disgorgement of $140,250, prejudgment interest of $15,020. Mon, 10 Aug 2020 00:00:00 GMT SEC layering spoofing https://marketmanipulation.org/cases/sec-lek-securities-corp-et-al-layering-2019/ https://marketmanipulation.org/cases/sec-lek-securities-corp-et-al-layering-2019/ In 2019, the Securities and Exchange Commission obtained consent judgments against Lek Securities Corporation and Samuel Lek. Final consent judgments settle the SEC's claim that the broker and its CEO facilitated a customer's layering and cross-market manipulation. Lek Securities pays a $1 million penalty plus $525,892 in disgorgement and interest and accepts a monitor; Samuel Lek pays $420,000. The release records a civil penalty of $1,420,000, disgorgement of $525,892. Thu, 10 Oct 2019 00:00:00 GMT SEC layering https://marketmanipulation.org/cases/sec-lek-securities-corp-et-al-layering-2017/ https://marketmanipulation.org/cases/sec-lek-securities-corp-et-al-layering-2017/ In 2017 the SEC charged Lek Securities, its CEO Samuel Lek, the Ukraine-based trading firm Avalon FA Ltd and two principals over layering and cross-market manipulation. Lek Securities and Sam Lek settled in 2019; a jury found Avalon, Nathan Fayyer and Sergey Pustelnik liable in November 2019, and the court ordered $7.5 million in penalties against each. Tue, 29 Aug 2017 00:00:00 GMT SEC layering https://marketmanipulation.org/cases/sec-lek-securities-corporation-et-al-layering-2017/ https://marketmanipulation.org/cases/sec-lek-securities-corporation-et-al-layering-2017/ The SEC sued Lek Securities, Samuel Lek, Avalon FA, Nathan Fayyer and Sergey Pustelnik in March 2017 over layering and cross-market manipulation. Lek Securities and Lek settled in October 2019, a jury found against the Avalon defendants in November 2019, and an amended final judgment of February 9, 2021 imposed $7.5 million penalties on each; the Second Circuit affirmed in 2022. Fri, 10 Mar 2017 00:00:00 GMT SEC layering https://marketmanipulation.org/cases/cftc-navinder-singh-sarao-layering-2016/ https://marketmanipulation.org/cases/cftc-navinder-singh-sarao-layering-2016/ In 2016, the Commodity Futures Trading Commission obtained a consent order against Navinder Singh Sarao and Nav Sarao Futures Limited PLC. A federal consent order finds Sarao and his company spoofed and manipulated the E-mini S&P 500 with a dynamic layering program, including on the day of the May 6, 2010 flash crash. It imposes a penalty of about $25.7 million and disgorgement of about $12.9 million, around $38.6 million together. The release records a civil penalty of $25,743,175, disgorgement of $12,871,587. A parallel criminal matter is referenced in the release. Thu, 17 Nov 2016 00:00:00 GMT CFTC layering price-manipulation spoofing https://marketmanipulation.org/cases/cftc-u-k-resident-navinder-singh-sarao-layering-2015/ https://marketmanipulation.org/cases/cftc-u-k-resident-navinder-singh-sarao-layering-2015/ The CFTC's 2015 civil case against Navinder Singh Sarao and Nav Sarao Futures Limited PLC over E-mini S&P 500 spoofing and layering ended, as to Sarao, in a consent order entered in the Northern District of Illinois on 14 November 2016. The order requires him to pay a $25,743,174.52 civil penalty and $12,871,587.26 in disgorgement, with permanent trading and registration bans. The CFTC says Sarao admitted the allegations in the order; the release does not describe the company's separate treatment. Tue, 21 Apr 2015 00:00:00 GMT CFTC layering price-manipulation spoofing https://marketmanipulation.org/cases/sec-aleksandr-milrud-layering-2015/ https://marketmanipulation.org/cases/sec-aleksandr-milrud-layering-2015/ In January 2015 the SEC filed a complaint in New Jersey alleging Aleksandr Milrud, an Ontario man, recruited online traders in China and Korea, supplied them accounts and technology, and shared in profits from layering in U.S. stocks. A parallel criminal case was announced the same day. On January 25, 2022 the court entered a final consent judgment, enjoining him and ordering disgorgement deemed satisfied by his criminal forfeiture. Tue, 13 Jan 2015 00:00:00 GMT SEC layering https://marketmanipulation.org/cases/sec-visionary-trading-llc-layering-2014/ https://marketmanipulation.org/cases/sec-visionary-trading-llc-layering-2014/ In 2014, the Securities and Exchange Commission settled an action with Visionary Trading LLC, Lightspeed Trading LLC, Andrew Actman, Joseph Dondero, Eugene Giaquinto, Lee Heiss and Jason Medvin. The order finds Dondero, an owner of Visionary Trading, ran a layering strategy that earned him about $984,000, and that Visionary, Lightspeed Trading and three traders broke broker-registration rules by sharing commissions with unregistered people; Actman is found to have failed to supervise one of them. Penalties total $1 million (Dondero $785,000, Lightspeed $100,000, Giaquinto, Heiss and Medvin $35,000 each, Actman $10,000) and disgorgement about $1.79 million. The release records a civil penalty of $1 million, disgorgement of $1,788,806, prejudgment interest of $43,317. Fri, 04 Apr 2014 00:00:00 GMT SEC layering spoofing https://marketmanipulation.org/cases/fca-swift-trade-inc-layering-2014/ https://marketmanipulation.org/cases/fca-swift-trade-inc-layering-2014/ On 24 January 2014, the Financial Conduct Authority issued a final notice imposing a GBP 8,000,000 penalty on 7722656 Canada Inc, a dissolved Toronto company that had traded as Swift Trade Inc, for market abuse. The penalty had originally been decided in a 2011 Decision Notice; this library tags the matter as layering. The final notice itself is a confirmatory document: it records that the Upper Tribunal found deliberate market abuse in January 2013 and that the Court of Appeal upheld that finding in December 2013, after Swift Trade and its former CEO, Peter Beck, challenged the case, but it does not itself narrate the trading conduct. Fri, 24 Jan 2014 00:00:00 GMT FCA layering https://marketmanipulation.org/cases/fca-michael-coscia-layering-2013/ https://marketmanipulation.org/cases/fca-michael-coscia-layering-2013/ In 2013, the Financial Conduct Authority settled an action with Michael Coscia. The final notice finds Coscia deliberately layered the order book on ICE Futures Europe Brent and gasoil futures over six weeks in 2011, placing and cancelling large orders to give a false impression of interest. The penalty is USD 903,176 after a 30% settlement discount. The release records a civil penalty of $903,176. Wed, 03 Jul 2013 00:00:00 GMT FCA layering price-manipulation spoofing