https://marketmanipulation.org/cases/technique/marking-the-close/ The 27 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/amf-fr-san-2024-12-marking-the-close-2024/ https://marketmanipulation.org/cases/amf-fr-san-2024-12-marking-the-close-2024/ In December 2024 the Commission des sanctions fined a San Francisco biotech fund manager EUR 7 million and its founder EUR 3 million for selling Innate Pharma shares in the closing auctions of five sessions in October 2019, which set the price of a Nasdaq offering, and fined the firm for failing to declare crossing the 5 percent threshold. Fri, 13 Dec 2024 00:00:00 GMT AMF-FR 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/sebi-58616-marking-the-close-2022/ https://marketmanipulation.org/cases/sebi-58616-marking-the-close-2022/ In April 2022 a SEBI adjudicating officer imposed a joint penalty of Rs 25 lakh on nine connected companies that bought Ruchi Soya shares above the market in the last half hour of the September 2012 futures expiry. The aim was found to be a higher futures settlement price. A separate order had already required disgorgement of Rs 5.76 crore. Fri, 29 Apr 2022 00:00:00 GMT SEBI marking-the-close settlement-price-manipulation 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/amf-fr-san-2018-09-marking-the-close-2018/ https://marketmanipulation.org/cases/amf-fr-san-2018-09-marking-the-close-2018/ On 16 July 2018 the Commission des sanctions found that grain trader Soufflet Négoce placed 25 tiny sell orders in the last seconds before the close on a thinly traded wheat futures contract in 2014, to push down the settlement price and reduce its unrealised losses. It fined the company EUR 100,000. Mon, 16 Jul 2018 00:00:00 GMT AMF-FR marking-the-close 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/amf-fr-tra-2018-01-marking-the-close-2017/ https://marketmanipulation.org/cases/amf-fr-tra-2018-01-marking-the-close-2017/ In November 2017 the AMF agreed a settlement with the asset manager Talence Gestion over closing-auction orders placed for two funds on 31 December 2014 in four thinly traded shares, and over its failure to report them as suspicious; it agreed to pay EUR 100,000. Thu, 30 Nov 2017 00:00:00 GMT AMF-FR marking-the-close https://marketmanipulation.org/cases/amf-fr-tra-2018-02-marking-the-close-2017/ https://marketmanipulation.org/cases/amf-fr-tra-2018-02-marking-the-close-2017/ In November 2017 the AMF agreed a settlement with Régis Lefort, the fund manager at Talence Gestion, over the closing-auction orders of 31 December 2014 in four thinly traded shares; he agreed to pay EUR 20,000. Thu, 30 Nov 2017 00:00:00 GMT AMF-FR 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/amf-fr-san-2015-08-marking-the-close-2015/ https://marketmanipulation.org/cases/amf-fr-san-2015-08-marking-the-close-2015/ In April 2015 the AMF Commission des sanctions sanctioned two brokers and three individuals for year-end purchases of Naturex and SIPH shares on 30 December 2011 that were alleged to fix the closing price at an abnormal level, with penalties totalling 545,000 euros. Thu, 16 Apr 2015 00:00:00 GMT AMF-FR 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 https://marketmanipulation.org/cases/amf-fr-san-2008-17-marking-the-close-2008/ https://marketmanipulation.org/cases/amf-fr-san-2008-17-marking-the-close-2008/ On 24 January 2008 the Commission des sanctions found that an investment firm and its head of trading had pushed up the closing prices of six small technology and media shares on the last trading day of 2004, and that the firm had also breached conflict and reporting rules on a large share placement. It fined the firm EUR 200,000 and two executives EUR 60,000 and EUR 40,000. Thu, 24 Jan 2008 00:00:00 GMT AMF-FR marking-the-close price-manipulation https://marketmanipulation.org/cases/amf-fr-san-2008-14-marking-the-close-2008/ https://marketmanipulation.org/cases/amf-fr-san-2008-14-marking-the-close-2008/ On 16 January 2008 the Commission des sanctions rejected the allegation that Infogrames and its broker had manipulated the closing price by repeated closing-auction purchases of Infogrames' own shares, but fined the company EUR 40,000 for undeclared and inaccurately reported own-share dealings and for trading its shares before a bad-news announcement, and the broker EUR 30,000 for conduct-rule breaches. Wed, 16 Jan 2008 00:00:00 GMT AMF-FR marking-the-close insider-trading https://marketmanipulation.org/cases/amf-fr-san-2007-09-marking-the-close-2006/ https://marketmanipulation.org/cases/amf-fr-san-2007-09-marking-the-close-2006/ On 7 December 2006 the AMF Commission des sanctions found that X, through its manager B, had placed buy orders on the last days of the August and September 2002 trading months to obtain a closing price of EUR 0.99, which helped it avoid margin calls on its position. It fined X EUR 500,000 and rejected a misleading-information charge against shareholder activist A. Thu, 07 Dec 2006 00:00:00 GMT AMF-FR marking-the-close https://marketmanipulation.org/cases/amf-fr-san-2005-17-marking-the-close-2005/ https://marketmanipulation.org/cases/amf-fr-san-2005-17-marking-the-close-2005/ On 16 September 2005 the AMF Commission des sanctions found that a listed issuer, Y, and its secretary general E had had broker X push up the issuer's own share price at the close on 27 February 2001 so that Y could buy a 6.3 per cent block above market. It fined Y EUR 500,000, X EUR 300,000, E and X's trader C EUR 50,000 each, and warned X and its staff. Fri, 16 Sep 2005 00:00:00 GMT AMF-FR marking-the-close price-manipulation