https://marketmanipulation.org/cases/technique/marking-the-close/ The 17 most recent enforcement records tagged marking the close in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Mon, 30 Jun 2025 00:00:00 GMT https://marketmanipulation.org/cases/asic-delta-power-price-manipulation-2025/ https://marketmanipulation.org/cases/asic-delta-power-price-manipulation-2025/ In June 2025 ASIC began Federal Court civil penalty proceedings against Delta Power & Energy (Vales Point) Pty Ltd, alleging it placed orders for New South Wales peak-load electricity futures shortly before the ASX 24 close on 30 occasions between September and October 2022 to affect the daily settlement price, which ASIC alleges is a financial benchmark. ASIC seeks declarations and penalties. The matter is an allegation. Mon, 30 Jun 2025 00:00:00 GMT ASIC price-manipulation marking-the-close https://marketmanipulation.org/cases/asic-cofco-international-australia-pty-ltd-marking-the-close-2024/ https://marketmanipulation.org/cases/asic-cofco-international-australia-pty-ltd-marking-the-close-2024/ In July 2024 ASIC began Federal Court civil penalty proceedings against COFCO International Australia Pty Ltd and COFCO Resources SA, alleging they placed orders shortly before the close of the ASX 24 day session on 34 occasions between January and March 2022 to affect the settlement price of January 2023 Eastern Australia wheat futures. ASIC seeks declarations and penalties. The matter is an allegation. Wed, 24 Jul 2024 00:00:00 GMT ASIC marking-the-close price-manipulation https://marketmanipulation.org/cases/asic-interactive-brokers-marking-the-close-2023/ https://marketmanipulation.org/cases/asic-interactive-brokers-marking-the-close-2023/ In September 2023 ASIC reported that Interactive Brokers Australia Pty Ltd had paid an A$832,500 infringement notice penalty after its Markets Disciplinary Panel found it negligent in failing to identify a client's suspicious closing-auction orders in Orthocell shares and reckless in letting the client keep trading after ASIC raised concerns. Payment resolves the notice; the client's conduct is the marking of the close. Wed, 20 Sep 2023 00:00:00 GMT ASIC marking-the-close https://marketmanipulation.org/cases/sec-ahmad-haris-tajyar-marking-the-close-2021/ https://marketmanipulation.org/cases/sec-ahmad-haris-tajyar-marking-the-close-2021/ In 2021, the Securities and Exchange Commission settled an action with Ahmad Haris Tajyar and Eric Leo Marsoubian, alleging conduct this library classifies as marking the close, matched orders and wash trading. The release records a civil penalty of $219,604, disgorgement of $15,267. Fri, 13 Aug 2021 00:00:00 GMT SEC marking-the-close matched-orders wash-trading https://marketmanipulation.org/cases/sec-andrew-j-kandelapas-marking-the-close-2019/ https://marketmanipulation.org/cases/sec-andrew-j-kandelapas-marking-the-close-2019/ In June 2019 the SEC reported that Andrew J. Kandalepas, former CEO of Wellness Center USA, had pleaded guilty to securities fraud for trading company shares, many of them near the close, to inflate the price, netting at least $136,176. He had consented in September 2018 to an SEC judgment with officer-director and penny stock bars, with disgorgement and penalties to be set by the court. Fri, 21 Jun 2019 00:00:00 GMT SEC marking-the-close https://marketmanipulation.org/cases/sec-lai-guanglin-alan-marking-the-close-2018/ https://marketmanipulation.org/cases/sec-lai-guanglin-alan-marking-the-close-2018/ In 2018, the Securities and Exchange Commission settled an action with Lai Guanglin (Alan), alleging conduct this library classifies as marking the close and price manipulation. The release records a civil penalty of $400,000. Mon, 10 Dec 2018 00:00:00 GMT SEC marking-the-close price-manipulation https://marketmanipulation.org/cases/asic-interactive-brokers-llc-marking-the-close-2017/ https://marketmanipulation.org/cases/asic-interactive-brokers-llc-marking-the-close-2017/ In December 2017 ASIC reported that Interactive Brokers LLC had paid a A$250,000 infringement notice penalty after its Markets Disciplinary Panel found grounds to believe it breached market integrity rules by accepting a client's repeated low-value bids for Altona Mining shares that looked intended to support the price, and by having inadequate surveillance. Payment is not an admission of liability. Thu, 14 Dec 2017 00:00:00 GMT ASIC marking-the-close https://marketmanipulation.org/cases/sec-richard-p-cedrone-steven-r-ferris-marking-the-close-2017/ https://marketmanipulation.org/cases/sec-richard-p-cedrone-steven-r-ferris-marking-the-close-2017/ In September 2017 the SEC announced settlements, subject to court approval, with three former registered representatives, Richard P. Cedrone, Steven R. Ferris and George R. Thoreson, accused of coordinating manipulative trading, including marking the close, to push the microcap Abakan toward a Nasdaq listing. Cedrone agreed to a $150,000 penalty and $5,013 disgorgement, Thoreson to a $75,000 penalty and industry bars; Ferris's penalty is deferred. Tue, 05 Sep 2017 00:00:00 GMT SEC marking-the-close https://marketmanipulation.org/cases/sec-wanger-marking-the-close-2017/ https://marketmanipulation.org/cases/sec-wanger-marking-the-close-2017/ In July 2017 the SEC denied Eric David Wanger's application for consent to re-enter the securities industry, which had been barred in 2012 under a settled order finding he and his firm marked the close in at least 14 month-end or quarter-end trades to inflate a fund's reported performance. The 2012 order carried a $75,000 penalty for Wanger. The matter was not dismissed; the 2017 order leaves the bar in place. Mon, 10 Jul 2017 00:00:00 GMT SEC marking-the-close https://marketmanipulation.org/cases/sec-adesh-kumar-tyagi-marking-the-close-2017/ https://marketmanipulation.org/cases/sec-adesh-kumar-tyagi-marking-the-close-2017/ In May 2017 the SEC sued Adesh Kumar Tyagi, former CEO of Systems America, Inc. (later Cloudeeva), alleging false press releases and annual reports and that he marked the close on at least 16 trade dates. He had pleaded guilty to securities fraud in a parallel criminal case in November 2016. A consent final judgment entered on August 17, 2017 enjoined him, imposed officer-and-director and penny stock bars and ordered about $294,000 in disgorgement and interest. Thu, 01 Jun 2017 00:00:00 GMT SEC marking-the-close https://marketmanipulation.org/cases/sec-markusen-marking-the-close-2016/ https://marketmanipulation.org/cases/sec-markusen-marking-the-close-2016/ In November 2016 an SEC administrative law judge barred Archer Advisors founder Steven R. Markusen and colleague Jay C. Cope from the securities industry by default, following district court judgments that found they billed their funds for sham research fees, marked the close of a thinly traded stock to inflate reported returns, and day-traded the funds' accounts to generate soft dollars. The judgments carried $100,000 penalties each and about $1.18 million in disgorgement. Wed, 09 Nov 2016 00:00:00 GMT SEC marking-the-close churning https://marketmanipulation.org/cases/sec-chris-faulkner-et-al-price-manipulation-2016/ https://marketmanipulation.org/cases/sec-chris-faulkner-et-al-price-manipulation-2016/ In June 2016 the SEC sued Breitling Energy's Chris Faulkner and eleven others and companies over an oil and gas offering fraud and a marking-the-close scheme. A final consent judgment against Faulkner, filed October 23, 2018, orders $23.1 million in disgorgement and $1.9 million in interest, payable to a receiver; the other defendants were not checked. Fri, 24 Jun 2016 00:00:00 GMT SEC price-manipulation marking-the-close https://marketmanipulation.org/cases/sec-michael-j-ling-marking-the-close-2015/ https://marketmanipulation.org/cases/sec-michael-j-ling-marking-the-close-2015/ In 2015, the Securities and Exchange Commission obtained a judgment against Michael J. Ling, alleging conduct this library classifies as marking the close and matched orders. The release records a civil penalty of $100,000, disgorgement of $454,006. Wed, 23 Dec 2015 00:00:00 GMT SEC marking-the-close matched-orders https://marketmanipulation.org/cases/sec-james-goodland-and-securus-wealth-management-llc-marking-the-close-2015/ https://marketmanipulation.org/cases/sec-james-goodland-and-securus-wealth-management-llc-marking-the-close-2015/ In September 2015 the SEC settled with investment adviser Securus Wealth Management and its president James Goodland for failing to supervise and to maintain adequate compliance controls over an adviser representative who, the order finds, supported the price of Gatekeeper USA stock, including by marking the close. Goodland paid a $30,000 penalty and accepted a supervisory bar; Securus was censured. Wed, 30 Sep 2015 00:00:00 GMT SEC marking-the-close https://marketmanipulation.org/cases/asic-d-j-carmichael-pty-limited-price-manipulation-2015/ https://marketmanipulation.org/cases/asic-d-j-carmichael-pty-limited-price-manipulation-2015/ In September 2015 ASIC reported that D J Carmichael Pty Limited paid A$300,000 to comply with an infringement notice from the Markets Disciplinary Panel, which believed it breached the market integrity rules by bidding for LinQ Resources Fund units with the intention of supporting the price. The notice is an administrative payment, not a court finding. Wed, 23 Sep 2015 00:00:00 GMT ASIC price-manipulation marking-the-close https://marketmanipulation.org/cases/sec-donald-l-koch-marking-the-close-2015/ https://marketmanipulation.org/cases/sec-donald-l-koch-marking-the-close-2015/ In July 2015 the SEC reported that the D.C. Circuit had largely affirmed its May 2014 order finding investment adviser Donald L. Koch and Koch Asset Management liable for marking the close, manipulating the closing prices of stocks held in client portfolios on the last trading day of consecutive quarters. The court upheld the adviser, broker and dealer bars but vacated the municipal-advisor and rating-agency bars. Mon, 20 Jul 2015 00:00:00 GMT SEC marking-the-close https://marketmanipulation.org/cases/sec-athena-capital-research-llc-marking-the-close-2014/ https://marketmanipulation.org/cases/sec-athena-capital-research-llc-marking-the-close-2014/ In October 2014 the SEC settled an administrative proceeding with Athena Capital Research, LLC, a New York high-frequency trading firm found to have manipulated the Nasdaq closing prices of thousands of stocks between June and December 2009 with last-seconds orders. Athena was censured and agreed to a $1 million civil penalty. Thu, 16 Oct 2014 00:00:00 GMT SEC marking-the-close