https://marketmanipulation.org/cases/technique/matched-orders/ The 30 most recent enforcement records tagged matched orders in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Tue, 03 Nov 2026 00:00:00 GMT https://marketmanipulation.org/cases/sebi-105574-social-media-ramps-2026/ https://marketmanipulation.org/cases/sebi-105574-social-media-ramps-2026/ To be completed from the SEBI order. SEBI adjudication order published 2026-11-03: Adjudication Order in the matter of front running of the trades of Axis Mutual Fund Tue, 03 Nov 2026 00:00:00 GMT SEBI social-media-ramps matched-orders price-manipulation https://marketmanipulation.org/cases/sebi-104646-matched-orders-2026/ https://marketmanipulation.org/cases/sebi-104646-matched-orders-2026/ On remand from the Securities Appellate Tribunal, a SEBI adjudicating officer re-examined the allegation that a Mumbai pan-shop owner was part of a 51-member group whose synchronized trades inflated Well Pack Papers and Containers Ltd. In September 2026 the officer found the fraud charge unproven and disposed of the proceedings without a penalty. Tue, 22 Sep 2026 00:00:00 GMT SEBI matched-orders price-manipulation https://marketmanipulation.org/cases/sec-corey-ortiz-free-riding-and-parking-2026/ https://marketmanipulation.org/cases/sec-corey-ortiz-free-riding-and-parking-2026/ In August 2026 the SEC announced a final consent judgment against Corey Ortiz, who it said recruited people to open loser accounts in the Long Island free-riding scheme. He is liable for $199,710 disgorgement and $19,727 interest, deemed satisfied by criminal restitution, with a five-year account-opening injunction. Thu, 03 Sep 2026 00:00:00 GMT SEC free-riding-and-parking matched-orders https://marketmanipulation.org/cases/sebi-102471-matched-orders-2026/ https://marketmanipulation.org/cases/sebi-102471-matched-orders-2026/ A June 2026 SEBI final order found that Hanif Shekh and 225 other entities took part in a scheme to inflate the price and volume of five thinly traded scrips between 2017 and 2020 through connected-party trades and bulk buy recommendations, then sold into the rise. It restrains 223 noticees for four to seven years, orders disgorgement and imposes tiered penalties. Tue, 30 Jun 2026 00:00:00 GMT SEBI matched-orders pump-and-dump price-manipulation https://marketmanipulation.org/cases/sec-christopher-flagg-free-riding-and-parking-2026/ https://marketmanipulation.org/cases/sec-christopher-flagg-free-riding-and-parking-2026/ In April 2026 the SEC announced final consent judgments against Christopher Flagg, Daquan Lloyd and Travis Treusch in the Long Island free-riding case. Together they are liable for $482,440 disgorgement and $47,654.75 interest, deemed satisfied by criminal restitution, with conduct injunctions of five years for Flagg and Lloyd and three for Treusch. Thu, 30 Apr 2026 00:00:00 GMT SEC free-riding-and-parking matched-orders https://marketmanipulation.org/cases/sebi-99723-matched-orders-2026/ https://marketmanipulation.org/cases/sebi-99723-matched-orders-2026/ In February 2026 a SEBI adjudicating officer found that 21 linked traders entered synchronised, reversal and first trades among themselves in ANI Integrated Services shares, creating artificial volume and price movement. Penalties total Rs 66 lakh, mostly Rs 42 lakh jointly and severally. Thu, 12 Feb 2026 00:00:00 GMT SEBI price-manipulation matched-orders https://marketmanipulation.org/cases/sebi-illiquid-stock-options-bse-2026-matched-orders/ https://marketmanipulation.org/cases/sebi-illiquid-stock-options-bse-2026-matched-orders/ SEBI adjudicating officers issued 152 orders from January to September 2026 on reversal trades in illiquid BSE stock options in 2014-15, more than a decade after the trading. The sampled orders each impose Rs 5,00,000 under section 15HA, one of them jointly on two noticees. Mon, 05 Jan 2026 00:00:00 GMT SEBI matched-orders https://marketmanipulation.org/cases/sebi-98774-matched-orders-2025/ https://marketmanipulation.org/cases/sebi-98774-matched-orders-2025/ In December 2025 SEBI found that a group of 25 connected traders lifted the price and volume of DU Digital Technologies on the NSE SME platform through synchronised and circular trades. It ordered disgorgement of about Rs 98.8 lakh with interest, penalties totalling Rs 1.85 crore and market restraints of 1 to 2.5 years. Wed, 31 Dec 2025 00:00:00 GMT SEBI price-manipulation matched-orders wash-trading https://marketmanipulation.org/cases/sebi-97713-matched-orders-2025/ https://marketmanipulation.org/cases/sebi-97713-matched-orders-2025/ In November 2025 a SEBI adjudicating officer, acting after the Securities Appellate Tribunal set aside an earlier Rs 8 lakh penalty, found that the allegations of synchronised and reversal trading against one investor were not established. The proceedings were closed without any penalty. Tue, 11 Nov 2025 00:00:00 GMT SEBI matched-orders price-manipulation https://marketmanipulation.org/cases/sebi-96663-matched-orders-2025/ https://marketmanipulation.org/cases/sebi-96663-matched-orders-2025/ After a tribunal sent the case back, a SEBI adjudicating officer found there was not enough evidence that a retired clerk had himself opened and operated the demat account used in alleged reversal and synchronized trades in Swan Energy shares. The proceedings against him were disposed of without penalty. Wed, 17 Sep 2025 00:00:00 GMT SEBI matched-orders wash-trading https://marketmanipulation.org/cases/sebi-96407-matched-orders-2025/ https://marketmanipulation.org/cases/sebi-96407-matched-orders-2025/ A SEBI adjudicating officer found that a company's departing promoters sold their stake to a family group of connected buyers through synchronized trades, which formed about 17 per cent of market volume. Penalties of Rs 30 lakh in total were imposed on the promoters, the buyers and the broker. Wed, 03 Sep 2025 00:00:00 GMT SEBI matched-orders price-manipulation https://marketmanipulation.org/cases/sec-eduardo-hernandez-free-riding-and-parking-2025/ https://marketmanipulation.org/cases/sec-eduardo-hernandez-free-riding-and-parking-2025/ In July 2025 the SEC announced a final consent judgment against Eduardo Hernandez, alleged mastermind of a $2 million free-riding scheme using at least 600 accounts. He is liable for $525,355 disgorgement and $122,996 interest, deemed satisfied by criminal restitution, with a trading injunction. Thu, 03 Jul 2025 00:00:00 GMT SEC free-riding-and-parking matched-orders https://marketmanipulation.org/cases/sebi-94508-market-abuse-2025/ https://marketmanipulation.org/cases/sebi-94508-market-abuse-2025/ In June 2025 a SEBI adjudicating officer cleared five men of PFUTP charges as directors of three struck-off companies accused of circular trading in Edynamics Solutions Limited shares in 2017. The Securities Appellate Tribunal had quashed a December 2022 order against them and sent the matter back. Tue, 10 Jun 2025 00:00:00 GMT SEBI matched-orders https://marketmanipulation.org/cases/sebi-92384-matched-orders-2025/ https://marketmanipulation.org/cases/sebi-92384-matched-orders-2025/ A SEBI adjudicating officer found that three men operated the trading accounts of twenty front entities to create artificial volume in Kavit Industries shares through synchronized, circular and reversal trades. The order imposed penalties of Rs 10 lakh, Rs 6 lakh and Rs 5 lakh, Rs 21 lakh in total. Fri, 28 Feb 2025 00:00:00 GMT SEBI matched-orders wash-trading https://marketmanipulation.org/cases/sebi-illiquid-stock-options-bse-2025-matched-orders/ https://marketmanipulation.org/cases/sebi-illiquid-stock-options-bse-2025-matched-orders/ SEBI adjudicating officers issued 136 orders in 2025 on reversal trades in illiquid BSE stock options in 2014-15. The four sampled orders each impose Rs 5,00,000 under section 15HA, whether the alleged artificial volume was 80,000 units or more than 34 lakh units. Mon, 27 Jan 2025 00:00:00 GMT SEBI matched-orders https://marketmanipulation.org/cases/sebi-89155-matched-orders-2024/ https://marketmanipulation.org/cases/sebi-89155-matched-orders-2024/ In November 2024 SEBI found that the managing director of Continental Seeds and Chemicals and a network of connected people had traded the company's shares among themselves so that the price rose about 664 per cent. The order directed disgorgement of Rs 2,24,17,400 with interest, imposed restraints of 3 months to 2 years and penalties totalling Rs 2,18,00,000. Fri, 29 Nov 2024 00:00:00 GMT SEBI matched-orders price-manipulation https://marketmanipulation.org/cases/cftc-yueyu-bao-matched-orders-2024/ https://marketmanipulation.org/cases/cftc-yueyu-bao-matched-orders-2024/ In October 2024, a California federal court entered a default judgment against Chinese citizen Yueyu Bao, ordering a US$260,140 penalty and US$130,070 disgorgement over 33 prearranged noncompetitive futures trades that moved money from his cousin's account to his own. Thu, 24 Oct 2024 00:00:00 GMT CFTC matched-orders https://marketmanipulation.org/cases/sebi-87802-matched-orders-2024/ https://marketmanipulation.org/cases/sebi-87802-matched-orders-2024/ In October 2024 a SEBI adjudicating officer penalised 15 individuals over synchronised trading and funding in the shares of Manaksia Coated Metals and Industries Limited during a 420 per cent price rise in late 2021. Penalties came to Rs 2,63,00,000 in total, with some noticees also penalised for ignoring summonses. Mon, 21 Oct 2024 00:00:00 GMT SEBI matched-orders price-manipulation https://marketmanipulation.org/cases/sebi-86362-wash-trading-2024/ https://marketmanipulation.org/cases/sebi-86362-wash-trading-2024/ In August 2024 a SEBI adjudicating officer found that 29 related traders and one broker-dealer had entered synchronised, later squared-off NIFTY options trades with each other in 2014, with the broker booking losses of about Rs 89 crore and the others profits. Penalties on the 36 noticees, which also included six brokers, totalled Rs 1,56,20,000. Fri, 30 Aug 2024 00:00:00 GMT SEBI matched-orders wash-trading https://marketmanipulation.org/cases/sec-giguiere-et-al-undisclosed-control-blocks-2024/ https://marketmanipulation.org/cases/sec-giguiere-et-al-undisclosed-control-blocks-2024/ In 2024, the Securities and Exchange Commission published a release announcing it had obtained a monetary judgment against Gannon Giguiere for undisclosed control, selling while promoting and matched trading. This library classifies the conduct as undisclosed control blocks, matched orders and pump and dump. The release records a civil penalty of $875,000, disgorgement of $7,760,416. Thu, 13 Jun 2024 00:00:00 GMT SEC undisclosed-control-blocks matched-orders pump-and-dump https://marketmanipulation.org/cases/sebi-83112-matched-orders-2024/ https://marketmanipulation.org/cases/sebi-83112-matched-orders-2024/ On 30 April 2024 a SEBI adjudicating officer penalised nine connected companies Rs 5 lakh each, Rs 45 lakh in all, for placing matching buy and sell orders in the illiquid shares of Autumn Builders Ltd on BSE in 2014 and 2015. The order found the trades non-genuine and price-raising. Tue, 30 Apr 2024 00:00:00 GMT SEBI matched-orders price-manipulation https://marketmanipulation.org/cases/sec-eduardo-hernandez-et-al-free-riding-and-parking-2024/ https://marketmanipulation.org/cases/sec-eduardo-hernandez-et-al-free-riding-and-parking-2024/ In October 2023 the SEC charged Eduardo Hernandez, Christopher Flagg, Daquan Lloyd and Corey Ortiz over an alleged free-riding scheme. Final consent judgments were entered between June 2025 and August 2026, with disgorgement of about $1.16 million in total, treated as satisfied by criminal orders. Thu, 04 Apr 2024 00:00:00 GMT SEC free-riding-and-parking matched-orders https://marketmanipulation.org/cases/sebi-82681-matched-orders-2024/ https://marketmanipulation.org/cases/sebi-82681-matched-orders-2024/ On 28 March 2024 a SEBI adjudicating officer penalised Anirudh Sethi, a director of Alexander Stamps and Coin Ltd, and two other noticees a combined Rs 17 lakh. The order found they had been party to reversal trades that gave a false picture of trading in the company's shares on BSE. Thu, 28 Mar 2024 00:00:00 GMT SEBI matched-orders price-manipulation https://marketmanipulation.org/cases/sebi-illiquid-stock-options-bse-2024-matched-orders/ https://marketmanipulation.org/cases/sebi-illiquid-stock-options-bse-2024-matched-orders/ SEBI adjudicating officers issued 61 orders in 2024 on reversal trades in illiquid BSE stock options in 2014-15, a much smaller batch than in the two earlier years. The sampled orders each impose Rs 5,00,000 under section 15HA on a noticee who had not taken up SEBI's settlement offer. Thu, 28 Mar 2024 00:00:00 GMT SEBI matched-orders https://marketmanipulation.org/cases/sebi-81837-price-manipulation-2024/ https://marketmanipulation.org/cases/sebi-81837-price-manipulation-2024/ On 29 February 2024 a SEBI adjudicating officer held that United Polyfab Gujarat Ltd and seven connected noticees traded among themselves to lift the share price so the company could move from NSE's SME platform to its main board. It imposed one joint and several penalty of Rs 48 lakh. Thu, 29 Feb 2024 00:00:00 GMT SEBI price-manipulation matched-orders https://marketmanipulation.org/cases/cftc-a-trader-matched-orders-2024/ https://marketmanipulation.org/cases/cftc-a-trader-matched-orders-2024/ In January 2024 the CFTC sued Chinese citizen Yueyu Bao over 33 prearranged trades of 410 CBOT futures contracts. Default judgment orders of July 31 and August 20, 2024 require a $260,140 penalty and $130,070 disgorgement and ban him from CFTC-regulated trading. Tue, 16 Jan 2024 00:00:00 GMT CFTC matched-orders https://marketmanipulation.org/cases/sebi-80444-matched-orders-2024/ https://marketmanipulation.org/cases/sebi-80444-matched-orders-2024/ On 3 January 2024 two SEBI whole-time members issued a supplementary settlement order covering two applicants who had been left out of an earlier March 2023 order on reversal trades in illiquid stock options at BSE. Each had paid Rs 1 lakh under the SEBI Settlement Scheme 2022, and the order closes the proceedings against them. Wed, 03 Jan 2024 00:00:00 GMT SEBI matched-orders https://marketmanipulation.org/cases/sebi-80300-matched-orders-2023/ https://marketmanipulation.org/cases/sebi-80300-matched-orders-2023/ On 29 December 2023 a SEBI adjudicating officer penalised 25 of 32 noticees a combined Rs 1.69 crore over trading in the shares of Econo Trade (India) Ltd. The order found most of them had traded among themselves in reversal trades and price-setting trades, and penalised one noticee for ignoring investigation summonses. Fri, 29 Dec 2023 00:00:00 GMT SEBI matched-orders price-manipulation https://marketmanipulation.org/cases/cftc-california-resident-matched-orders-2023/ https://marketmanipulation.org/cases/cftc-california-resident-matched-orders-2023/ In September 2023, the CFTC settled charges against Irvine resident Jie "Elaine" Yu, ordering a US$300,000 penalty and six-month bans for 33 prearranged noncompetitive CME futures trades that moved at least US$159,000 to her cousin's account. Fri, 22 Sep 2023 00:00:00 GMT CFTC matched-orders https://marketmanipulation.org/cases/sebi-77142-matched-orders-2023/ https://marketmanipulation.org/cases/sebi-77142-matched-orders-2023/ On 20 September 2023 a SEBI adjudicating officer penalised six connected Ahmedabad traders Rs 5,00,000 each, Rs 30,00,000 in all, for synchronised and reversal trades in Mega Nirman and Industries shares in 2016-17. During that period the price rose from Rs 12.5 to a high of Rs 132.05. Wed, 20 Sep 2023 00:00:00 GMT SEBI matched-orders price-manipulation