https://marketmanipulation.org/cases/technique/mismarking/ The 16 most recent enforcement records tagged mismarking in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Mon, 18 Nov 2024 00:00:00 GMT https://marketmanipulation.org/cases/fca-travis-lloyd-klein-mismarking-2024/ https://marketmanipulation.org/cases/fca-travis-lloyd-klein-mismarking-2024/ In November 2024, the FCA published a final notice prohibiting former Macquarie metals trader Travis Lloyd Klein for recording 426 fictitious trades on the bank's internal systems to hide loss-making positions; no fine was imposed because of his financial hardship. Mon, 18 Nov 2024 00:00:00 GMT FCA mismarking https://marketmanipulation.org/cases/sec-infinity-q-capital-management-llc-mismarking-2023/ https://marketmanipulation.org/cases/sec-infinity-q-capital-management-llc-mismarking-2023/ In 2023, the Securities and Exchange Commission settled an action with Infinity Q Capital Management, LLC, alleging conduct this library classifies as mismarking. The release does not state a monetary figure that we were able to extract. Fri, 16 Jun 2023 00:00:00 GMT SEC mismarking https://marketmanipulation.org/cases/sec-infinity-q-diversified-alpha-fund-mismarking-2022/ https://marketmanipulation.org/cases/sec-infinity-q-diversified-alpha-fund-mismarking-2022/ In 2022, the Securities and Exchange Commission settled an action with Infinity Q Diversified Alpha Fund, alleging conduct this library classifies as mismarking. The release does not state a monetary figure that we were able to extract. Thu, 10 Nov 2022 00:00:00 GMT SEC mismarking https://marketmanipulation.org/cases/sec-scott-lindell-mismarking-2022/ https://marketmanipulation.org/cases/sec-scott-lindell-mismarking-2022/ In September 2022 the SEC charged Scott Lindell, former chief risk officer, chief compliance officer and valuation committee member of Infinity Q Capital Management, over a more than $1 billion overvaluation scheme run by founder James Velissaris, alleging he misrepresented the pricing service as independent, helped mislead SEC staff and the fund's auditor, and made false filings. Lindell agreed to settle, subject to court approval, with remedies and any officer-director bar left to the court. Fri, 30 Sep 2022 00:00:00 GMT SEC mismarking https://marketmanipulation.org/cases/cftc-swap-dealer-mismarking-2022/ https://marketmanipulation.org/cases/cftc-swap-dealer-mismarking-2022/ In September 2022 the CFTC filed and settled charges against the bank and swap dealer Natixis for failing to supervise traders on two New York derivatives desks who mismarked positions, one to inflate profit and hide losses on the USD LIBOR forward curve by up to about $25 million, the other to smooth profit and loss. Natixis must pay a $2.8 million penalty, reduced for its cooperation. Tue, 06 Sep 2022 00:00:00 GMT CFTC mismarking https://marketmanipulation.org/cases/sec-semper-capital-management-l-p-mismarking-2020/ https://marketmanipulation.org/cases/sec-semper-capital-management-l-p-mismarking-2020/ In 2020, the Securities and Exchange Commission settled an action with Semper Capital Management, L.P., alleging conduct this library classifies as mismarking. The release records a civil penalty of $375,000, disgorgement of $103,228, prejudgment interest of $25,000. Tue, 28 Apr 2020 00:00:00 GMT SEC mismarking https://marketmanipulation.org/cases/sec-live-well-financial-inc-michael-c-hild-eric-rohr-mismarking-2019/ https://marketmanipulation.org/cases/sec-live-well-financial-inc-michael-c-hild-eric-rohr-mismarking-2019/ In August 2019 the SEC charged Live Well Financial, Inc. and executives Michael Hild, Eric Rohr and Darren Stumberger in the Southern District of New York with fraud involving mismarked loans, alongside a criminal case. Consent judgments for the three individuals were completed by May 20, 2025, with disgorgement of about $24.8 million deemed satisfied by criminal forfeiture and restitution orders and civil penalties waived or dismissed. Thu, 29 Aug 2019 00:00:00 GMT SEC mismarking https://marketmanipulation.org/cases/sec-christopher-plaford-insider-trading-2019/ https://marketmanipulation.org/cases/sec-christopher-plaford-insider-trading-2019/ In 2019, the Securities and Exchange Commission obtained a judgment against Christopher Plaford, alleging conduct this library classifies as insider trading and mismarking. The release does not state a monetary figure that we were able to extract. A parallel criminal matter is referenced in the release. Mon, 29 Jul 2019 00:00:00 GMT SEC insider-trading mismarking https://marketmanipulation.org/cases/cftc-former-hedge-fund-portfolio-manager-mismarking-2019/ https://marketmanipulation.org/cases/cftc-former-hedge-fund-portfolio-manager-mismarking-2019/ In July 2019 the CFTC filed and settled charges against Swapnil Rege, a former portfolio manager at a Connecticut hedge fund, for mismarking interest rate swaps from June 2016 to April 2017 to inflate his book's profit and win a larger bonus. He must pay a $100,000 penalty and disgorge his $600,000 bonus plus $49,171 in interest, and is banned from CFTC-registered trading and registration for at least three years. Thu, 18 Jul 2019 00:00:00 GMT CFTC mismarking https://marketmanipulation.org/cases/cftc-former-natural-gas-head-trader-mismarking-2019/ https://marketmanipulation.org/cases/cftc-former-natural-gas-head-trader-mismarking-2019/ In May 2019 the CFTC sued David Smothermon, president and head trader of a commodities company's gas division, alleging that from about December 2015 to September 2016 he falsely inflated the mark-to-market value of the division's futures and physical natural gas book to hide losses that grew past $100 million. The CFTC seeks restitution, disgorgement, penalties, trading bans and an injunction; the claims were unproven. Thu, 09 May 2019 00:00:00 GMT CFTC mismarking https://marketmanipulation.org/cases/cftc-former-deutsche-bank-trader-mismarking-2018/ https://marketmanipulation.org/cases/cftc-former-deutsche-bank-trader-mismarking-2018/ In November 2018 the CFTC filed and settled charges against Jacob Bourne, a former Deutsche Bank Securities managing director, for mismarking inflation swap valuations in June and July 2017 to hide estimated trading losses of more than $16 million. He must pay a $350,000 penalty and is permanently banned from trading on exchanges and from CFTC registration. The CFTC issued a declination letter to Deutsche Bank. Thu, 08 Nov 2018 00:00:00 GMT CFTC mismarking https://marketmanipulation.org/cases/sec-citigroup-global-markets-inc-and-citigroup-inc-mismarking-2018/ https://marketmanipulation.org/cases/sec-citigroup-global-markets-inc-and-citigroup-inc-mismarking-2018/ In August 2018 the SEC settled with Citigroup Global Markets Inc. and its parent Citigroup Inc. over a failure to supervise traders that let three traders on separate desks mismark opaque, illiquid positions from 2013 to 2016, two of them while concealing unauthorized Treasury trading losses, which made the firms' books and records inaccurate. The two firms jointly pay a $5.75 million civil penalty. Thu, 16 Aug 2018 00:00:00 GMT SEC mismarking https://marketmanipulation.org/cases/sec-visium-asset-management-lp-insider-trading-2018/ https://marketmanipulation.org/cases/sec-visium-asset-management-lp-insider-trading-2018/ In 2018, the Securities and Exchange Commission settled an action with Visium Asset Management, LP, alleging conduct this library classifies as insider trading and mismarking. The release records a civil penalty of $4.8 million, disgorgement of $4.8 million. Tue, 08 May 2018 00:00:00 GMT SEC insider-trading mismarking https://marketmanipulation.org/cases/sec-stefan-lumiere-mismarking-2018/ https://marketmanipulation.org/cases/sec-stefan-lumiere-mismarking-2018/ In March 2018 the SEC reported a final judgment and industry bar against hedge fund manager Stefan Lumiere, who with Christopher Plaford used sham broker quotes to mismark up to 28 securities a month for 18 months, inflating a fund's reported returns and fees. Lumiere was convicted at trial and sentenced to 18 months in prison and a $1 million criminal fine; the release states no civil money figure. Mon, 05 Mar 2018 00:00:00 GMT SEC mismarking https://marketmanipulation.org/cases/cftc-defendant-john-aaron-brooks-mismarking-2014/ https://marketmanipulation.org/cases/cftc-defendant-john-aaron-brooks-mismarking-2014/ In 2014, the Commodity Futures Trading Commission obtained a judgment against John Aaron Brooks, alleging conduct this library classifies as mismarking. The release records a civil penalty of $500,000. Mon, 04 Aug 2014 00:00:00 GMT CFTC mismarking https://marketmanipulation.org/cases/cftc-kevin-cassidy-mismarking-2013/ https://marketmanipulation.org/cases/cftc-kevin-cassidy-mismarking-2013/ In 2013, the Commodity Futures Trading Commission obtained a judgment against Kevin Cassidy, alleging conduct this library classifies as mismarking. The release records a civil penalty of $1 million. A parallel criminal matter produced a custodial sentence of 30 months. Thu, 30 May 2013 00:00:00 GMT CFTC mismarking