SEC v. Marcus A. Luna, et al. (boiler rooms, 2016)

Alleged — pending

These are allegations. SEC has filed an action; nothing in it has been proven, and the respondents have not been found liable. Everything described on this page is what the regulator alleges, not what a court has found. See our editorial policy.

Machine-extracted, pending human review. The structured fields on this page were parsed automatically from the regulator's own release, linked below. Read the primary document before relying on any figure here, and tell us if something is wrong.

In 2016, the Securities and Exchange Commission brought an action against Marcus A. Luna, et al., alleging conduct this library classifies as boiler rooms, paid stock promotion and pump and dump. No monetary relief has been recorded at this stage; the matter is an allegation and remains unproven.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	LR-23666
Date filed	2016-09-30
Status	filed
Asset class	equities
Criminal parallel	No
Bars imposed	penny stock bar
Defendants	Marcus A. Luna, et al. (individual)
Techniques	Boiler rooms , Paid stock promotion , Pump and dump

What was ordered

Civil penalty: —
Disgorgement: —
Prejudgment interest: —
Total relief: —
Alleged gain: —

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Securities and Exchange Commission announced this matter on September 30, 2016 as release LR-23666. The respondents named are Marcus A. Luna, et al. (1 individual, 0 entities).

This library tags the matter as boiler rooms, paid stock promotion and pump and dump, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The conduct is recorded against equities.

Non-monetary relief recorded: penny stock bar.

This matter is at the allegation stage. Nothing in the regulator's filing has been proven, and the respondents are entitled to the presumption that it has not been. This page will be updated if the matter is resolved, dismissed or withdrawn.

What technique is this, and how does it work?

This action is tagged with 3 techniques in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

Boiler rooms — see how it works, what statute it engages, and every other action tagged the same way.
Paid stock promotion — see how it works, what statute it engages, and every other action tagged the same way.
Pump and dump — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

2016-09-30 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Other actions in the library sharing at least one technique tag with this one.

Action	Agency	Filed	Technique	Penalty	Status
SEC v. Jason A. Wallace (boiler rooms, 2016)	SEC	2016-09-27	Boiler Rooms , Paid Stock Promotion +1	—	filed
SEC v. George John Drazenovic (paid stock promotion, 2025)	SEC	2025-12-19	Paid Stock Promotion , Pump And Dump	—	judgment
SEC v. Jonathan Farber, Aarif Jamani, Brian Keasberry (paid stock promotion, 2024)	SEC	2024-01-16	Paid Stock Promotion , Pump And Dump	—	filed
SEC v. Joseph R. Earle Jr, Barry D. Reagh, William Clayton, Francis T. Dudley, Steven E. Bryant, Upper Street Marketing, Inc. and Project Growth International, Inc. (boiler rooms, 2022)	SEC	2022-12-05	Boiler Rooms , Pump And Dump	—	unknown
SEC v. Matthew Nicosia, William Reninger, Fabrizio Di Carlo, and Ronald Touchard (boiler rooms, 2022)	SEC	2022-09-28	Boiler Rooms , Pump And Dump	—	filed
CFTC v. Jimmy Gale Watson (paid stock promotion, 2022)	CFTC	2022-07-18	Paid Stock Promotion , Pump And Dump	$290k	judgment

Record added September 8, 2026. If this matter has since resolved, been withdrawn or been dismissed, we want to know: submit a correction.