Market Manipulation. Search

Market manipulation case library

This library records 2,117 market manipulation enforcement actions brought by financial regulators, each with the agency, the date, the alleged technique, the monetary relief ordered and a link to the regulator's own filing. The whole dataset is downloadable as JSON.

Actions
2,117
Total penalties
$15.4bn
Median penalty
$258k
Agencies
2
Techniques
36

Browse by facet

Every facet below is a real page with its own URL, so it works without JavaScript and can be linked, bookmarked and cited.

By technique

Insider trading 608 Ponzi schemes 532 Paid stock promotion 219 Unregistered distributions 136 Pump and dump 121 Undisclosed control blocks 119 Spoofing 114 Wash trading 90 Price manipulation 72 Boiler rooms 71 Reverse merger schemes 66 The naked short selling debate 41 Benchmark submission rigging 32 Matched orders 24 Churning 19 Free riding and parking 18 Fake press releases 16 Layering 15 Newsletter scalping 15 Marking the close 10 Cash versus derivatives schemes 10 Front running 9 Shell factories 8 Chat group pumps 6 False rumours 5 Custodianship shell hijacking 5 Settlement price manipulation 4 Exchange wash trading 3 Banging the close 3 FX fixing 3 Engineered short squeeze 2 Marking the open 1 Rug pulls 1 Insider listing trading 1 Oracle manipulation 1 Float locking 1

By agency

CFTC 349 SEC 1768

By year filed

2026 85 2025 103 2024 182 2023 202 2022 174 2021 142 2020 178 2019 181 2018 221 2017 210 2016 179 2015 205 2014 27 2013 28

Ranked lists: largest penalties · largest spoofing penalties · longest sentences · most-charged individuals · biggest crypto cases · most active courts

All actions, newest first

Action Agency Filed Technique Penalty Status
CFTC v. California Residents Hasan Sarwar a/k/a Alexander Sarwar (ponzi schemes, 2017) CFTC 2017-09-30 Ponzi Schemes — filed
CFTC v. Logista Advisors LLC (spoofing, 2017) CFTC 2017-09-30 Spoofing $250k judgment
CFTC v. Connecticut-Based Tillage Commodities (spoofing, 2017) CFTC 2017-09-29 Spoofing $150k judgment
SEC v. Avaneesh Krishnamoorthy (insider trading, 2017) SEC 2017-09-29 Insider Trading — judgment
SEC v. Jason McDiarmid, et al. (boiler rooms, 2017) SEC 2017-09-29 Boiler Rooms , Pump And Dump — unknown
SEC v. Micheal A. Skerry (newsletter scalping, 2017) SEC 2017-09-29 Newsletter Scalping , Paid Stock Promotion +1 $100k judgment
SEC v. David Howard Welch, et al (boiler rooms, 2017) SEC 2017-09-28 Boiler Rooms — settled
SEC v. Fengjiu Zhang and Xianli Kong (insider trading, 2017) SEC 2017-09-28 Insider Trading — settled
SEC v. Laurence M. Torres (churning, 2017) SEC 2017-09-28 Churning — settled
SEC v. Naris Chamroonrat, et al. (ponzi schemes, 2017) SEC 2017-09-28 Ponzi Schemes — judgment
SEC v. Sean Stewart et al. (insider trading, 2017) SEC 2017-09-28 Insider Trading — judgment
SEC v. Success Holding Group International, Inc. (unregistered distributions, 2017) SEC 2017-09-28 Unregistered Distributions $100k settled
SEC v. Jason Napodano, Bilal Basrai and Bryce Stirton (insider trading, 2017) SEC 2017-09-26 Insider Trading $240k settled
SEC v. LBMZ Securities, Inc. (insider trading, 2017) SEC 2017-09-26 Insider Trading — settled
CFTC v. Nicholas Gelfman and Gelfman Blueprint (ponzi schemes, 2017) CFTC 2017-09-22 Ponzi Schemes — filed
SEC v. Moses Investment Company, LLC and Michael S. Moses (paid stock promotion, 2017) SEC 2017-09-22 Paid Stock Promotion — filed
SEC v. Joel P. Zingerman (insider trading, 2017) SEC 2017-09-21 Insider Trading $56.6k settled
SEC v. Justin Samuel Cary (insider trading, 2017) SEC 2017-09-21 Insider Trading — filed
SEC v. Peter C. Chang (insider trading, 2017) SEC 2017-09-20 Insider Trading — filed
SEC v. Francisco Illarramendi, et al. (ponzi schemes, 2017) SEC 2017-09-19 Ponzi Schemes — judgment
SEC v. Lawrence F. Cluff, Jr., Roger E. Shaoul, and James Shaoul (insider trading, 2017) SEC 2017-09-13 Insider Trading — judgment
SEC v. Mayank Gupta, et al. (insider trading, 2017) SEC 2017-09-13 Insider Trading $23.8k settled
SEC v. Potomac Asset Management Company, Inc. and Goodloe E. Byron, Jr. (undisclosed control blocks, 2017) SEC 2017-09-11 Undisclosed Control Blocks — settled
SEC v. Brett Kennedy, et al. (insider trading, 2017) SEC 2017-09-07 Insider Trading — settled
SEC v. Craig H. Carton, et al. (ponzi schemes, 2017) SEC 2017-09-06 Ponzi Schemes — filed
SEC v. Scott Newsholme (ponzi schemes, 2017) SEC 2017-09-06 Ponzi Schemes — filed
SEC v. Alan M. Stark, Esq. (insider trading, 2017) SEC 2017-09-05 Insider Trading — settled
SEC v. Richard P. Cedrone, Steven R. Ferris and George R. Thoreson (marking the close, 2017) SEC 2017-09-05 Marking The Close $75k judgment
SEC v. Evan R. Kita, et al. (insider trading, 2017) SEC 2017-08-31 Insider Trading — filed
SEC v. Tennstar Energy, Inc., et al. (boiler rooms, 2017) SEC 2017-08-30 Boiler Rooms — filed
SEC v. Lek Securities Corp. et al. (layering, 2017) SEC 2017-08-29 Layering , Undisclosed Control Blocks — unknown
SEC v. Dawn J. Bennett and DJB Holdings LLC (paid stock promotion, 2017) SEC 2017-08-28 Paid Stock Promotion , Ponzi Schemes — filed
CFTC v. South Carolina Resident Thomas Lanzana (ponzi schemes, 2017) CFTC 2017-08-25 Ponzi Schemes — filed
SEC v. Caledonian Bank Ltd., et al. (unregistered distributions, 2017) SEC 2017-08-25 Unregistered Distributions $19.2m judgment
SEC v. Jack Sini (boiler rooms, 2017) SEC 2017-08-23 Boiler Rooms — filed
SEC v. Jason Hershberger (boiler rooms, 2017) SEC 2017-08-23 Boiler Rooms — filed
SEC v. Juan M. Perez Ortega (boiler rooms, 2017) SEC 2017-08-23 Boiler Rooms — filed
SEC v. Martin Miller (boiler rooms, 2017) SEC 2017-08-23 Boiler Rooms — filed
SEC v. Shawna Leigh Lynch (boiler rooms, 2017) SEC 2017-08-23 Boiler Rooms — unknown
SEC v. Allen Chi (undisclosed control blocks, 2017) SEC 2017-08-21 Undisclosed Control Blocks — judgment
SEC v. Deerfield Management Company, L.P. (insider trading, 2017) SEC 2017-08-21 Insider Trading $3.9m settled
SEC v. Banca IMI Securities Corp. (naked short selling debate, 2017) SEC 2017-08-18 Naked Short Selling Debate — settled
CFTC v. Aruba-based Copersucar Trading A.V.V. (wash trading, 2017) CFTC 2017-08-16 Wash Trading $300k judgment
SEC v. Daniel Rivas, et al. (insider trading, 2017) SEC 2017-08-16 Insider Trading — unknown
SEC v. Robert Cortez Marshall (ponzi schemes, 2017) SEC 2017-08-16 Ponzi Schemes — filed
SEC v. KPMG LLP and John Riordan, CPA (reverse merger schemes, 2017) SEC 2017-08-15 Reverse Merger Schemes — settled
SEC v. Damon Hovannisian, et al. (insider trading, 2017) SEC 2017-08-11 Insider Trading $156k judgment
SEC v. Smith, et al. (paid stock promotion, 2017) SEC 2017-08-11 Paid Stock Promotion — judgment
SEC v. Louis Martin Blazer III (ponzi schemes, 2017) SEC 2017-08-10 Ponzi Schemes — judgment
CFTC v. The Bank (spoofing, 2017) CFTC 2017-08-08 Spoofing $600k judgment
SEC v. David Blaszczak, et al. (insider trading, 2017) SEC 2017-08-08 Insider Trading — settled
SEC v. Steven V. McClatchey and Gary J. Pusey (insider trading, 2017) SEC 2017-08-08 Insider Trading — judgment
SEC v. Joe Yiu Cheung ( and Dylon De Lu Zhang) (paid stock promotion, 2017) SEC 2017-08-02 Paid Stock Promotion , Pump And Dump +2 — settled
SEC v. Jeffrey D. Martin, et al. (custodianship shell hijacking, 2017) SEC 2017-08-01 Custodianship Shell Hijacking , Paid Stock Promotion +1 — judgment
SEC v. Karen F. Aalders (paid stock promotion, 2017) SEC 2017-07-31 Paid Stock Promotion — judgment
SEC v. Sterling Craig Barton (insider trading, 2017) SEC 2017-07-31 Insider Trading — judgment
SEC v. Harold L. Altvater (insider trading, 2017) SEC 2017-07-28 Insider Trading — unknown
SEC v. Windsor Street Capital, L.P. ( and others (unregistered distributions, 2017) SEC 2017-07-28 Unregistered Distributions — settled
CFTC v. New York Trader Simon Posen (spoofing, 2017) CFTC 2017-07-27 Spoofing $635k judgment
SEC v. Carrillo and Luis J. (paid stock promotion, 2017) SEC 2017-07-26 Paid Stock Promotion , Pump And Dump +1 — judgment
SEC v. Huettel and Wade D., Esq. (paid stock promotion, 2017) SEC 2017-07-26 Paid Stock Promotion , Pump And Dump +1 — judgment
SEC v. Joey Stanton Dodson (ponzi schemes, 2017) SEC 2017-07-26 Ponzi Schemes — judgment
SEC v. Joey Giamichael and Umbrella Research, LLC (newsletter scalping, 2017) SEC 2017-07-25 Newsletter Scalping , Paid Stock Promotion — settled
SEC v. Andrew Farmer, et al. (pump and dump, 2017) SEC 2017-07-24 Pump And Dump — judgment
SEC v. Lubin and David (unregistered distributions, 2017) SEC 2017-07-19 Unregistered Distributions — judgment
SEC v. Troy Joseph Flowers, et al. (undisclosed control blocks, 2017) SEC 2017-07-19 Undisclosed Control Blocks — filed
SEC v. John F. Stimpson (insider trading, 2017) SEC 2017-07-18 Insider Trading $136k settled
SEC v. Ashley Antos, Defendants, and Antos, Inc. (boiler rooms, 2017) SEC 2017-07-12 Boiler Rooms — unknown
SEC v. Victory Ho (insider trading, 2017) SEC 2017-07-12 Insider Trading — judgment
SEC v. Wanger and Eric David Wanger Investment Management, Inc. (marking the close, 2017) SEC 2017-07-10 Marking The Close $75k dismissed
SEC v. Steve G. Blasko (boiler rooms, 2017) SEC 2017-07-07 Boiler Rooms , Unregistered Distributions — filed
SEC v. Cheryl L. Jones (ponzi schemes, 2017) SEC 2017-07-03 Ponzi Schemes — filed
CFTC v. unnamed respondents (spoofing, 2017) CFTC 2017-06-30 Spoofing $350k judgment
CFTC v. Rosenthal Collins Capital Markets LLC (wash trading, 2017) CFTC 2017-06-30 Wash Trading $5m judgment
SEC v. Sasan Sabrdaran and Farhang Afsarpour (insider trading, 2017) SEC 2017-06-30 Insider Trading — judgment
SEC v. Andrew S. Keck (undisclosed control blocks, 2017) SEC 2017-06-29 Undisclosed Control Blocks — settled
SEC v. Christopher A. Conley (undisclosed control blocks, 2017) SEC 2017-06-29 Undisclosed Control Blocks — settled
SEC v. Marilyn Stark (undisclosed control blocks, 2017) SEC 2017-06-29 Undisclosed Control Blocks — settled
SEC v. Matthew L. Egna (undisclosed control blocks, 2017) SEC 2017-06-29 Undisclosed Control Blocks $10k settled
SEC v. Nigel G. Lindsay (undisclosed control blocks, 2017) SEC 2017-06-29 Undisclosed Control Blocks — settled
SEC v. Sarah E. Keck (undisclosed control blocks, 2017) SEC 2017-06-29 Undisclosed Control Blocks — settled
SEC v. Diana P. Lovera (boiler rooms, 2017) SEC 2017-06-28 Boiler Rooms — judgment
SEC v. Harold L. Altvater, Maureen E. Curran, Susan L. Dubuc (insider trading, 2017) SEC 2017-06-27 Insider Trading — judgment
SEC v. Wm Smith & Co. and William S. Smith (insider trading, 2017) SEC 2017-06-26 Insider Trading — settled
SEC v. James M. Farinella, et al. (paid stock promotion, 2017) SEC 2017-06-21 Paid Stock Promotion — filed
SEC v. Yu-Cheng Lin (insider trading, 2017) SEC 2017-06-19 Insider Trading — judgment
SEC v. Edwin Yoshihiro Fujinaga and MRI International, Inc., et al. (ponzi schemes, 2017) SEC 2017-06-15 Ponzi Schemes — appealed
SEC v. Jehu Hand and Antonio Katz (paid stock promotion, 2017) SEC 2017-06-15 Paid Stock Promotion , Pump And Dump — filed
SEC v. Dan (“Alice”) Zhang, CPA (insider trading, 2017) SEC 2017-06-07 Insider Trading — settled
SEC v. Michael Trahan (insider trading, 2017) SEC 2017-06-07 Insider Trading — judgment
SEC v. Homero Joshua Garza, GAW Miners, LLC, and ZenMiner, LLC (ponzi schemes, 2017) SEC 2017-06-05 Ponzi Schemes — judgment
CFTC v. David Liew (price manipulation, 2017) CFTC 2017-06-03 Price Manipulation , Spoofing — judgment
SEC v. Adesh Kumar Tyagi (marking the close, 2017) SEC 2017-06-01 Marking The Close — unknown
SEC v. Harrison Katzen (boiler rooms, 2017) SEC 2017-05-31 Boiler Rooms — judgment
SEC v. Mark A. Jones (ponzi schemes, 2017) SEC 2017-05-25 Ponzi Schemes $160k judgment
SEC v. William J. Wells and Promitor Capital Management LLC (ponzi schemes, 2017) SEC 2017-05-25 Ponzi Schemes — settled
SEC v. Francisco Illarramendi, Highview Point Partners, LLC and others (ponzi schemes, 2017) SEC 2017-05-24 Ponzi Schemes $1m judgment
SEC v. Imran Husain, et al. (shell factories, 2017) SEC 2017-05-24 Shell Factories , Undisclosed Control Blocks — filed
SEC v. Murakami, et al. (ponzi schemes, 2017) SEC 2017-05-22 Ponzi Schemes — filed
SEC v. Robert W. Murray (price manipulation, 2017) SEC 2017-05-19 Price Manipulation — unknown