https://marketmanipulation.org/cases/technique/pump-and-dump/ The 30 most recent enforcement records tagged pump and dump in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Wed, 15 Jul 2026 00:00:00 GMT https://marketmanipulation.org/cases/sec-michael-j-forster-pump-and-dump-2026/ https://marketmanipulation.org/cases/sec-michael-j-forster-pump-and-dump-2026/ In 2026, the Securities and Exchange Commission obtained a judgment against Michael J. Forster, alleging conduct this library classifies as pump and dump. The release records disgorgement of $144,320. A parallel criminal matter is referenced in the release. Wed, 15 Jul 2026 00:00:00 GMT SEC pump-and-dump 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-geoffrey-allen-wall-pump-and-dump-2026/ https://marketmanipulation.org/cases/sec-geoffrey-allen-wall-pump-and-dump-2026/ In April 2026 the Securities and Exchange Commission announced a final consent judgment in the District of Massachusetts against former stockbroker Geoffrey Allen Wall, one of three defendants charged in 2021 over a 2012 to 2016 penny stock pump-and-dump run through a fraudulent offshore trading platform. He is enjoined, barred from penny stock offerings and restricted in trading, and must pay $3,187,277 in disgorgement and $1,081,662 in interest. The case against the others was ongoing. Thu, 09 Apr 2026 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sec-saeid-jaberian-pump-and-dump-2026/ https://marketmanipulation.org/cases/sec-saeid-jaberian-pump-and-dump-2026/ In January 2026 the Securities and Exchange Commission announced a final consent judgment in the District of Minnesota against Saeid Jaberian, fully resolving its case over a scheme to hijack or take control of inactive penny-stock companies and pump and dump their shares. Jaberian must pay $66,749 in disgorgement and $10,348 in interest and is barred from penny stock offerings and from serving as an officer or director. He received two years of probation in the parallel criminal case; the $68,001 and 18-month figures in the release belong to co-defendant Rajkaran. Tue, 27 Jan 2026 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sebi-98776-price-manipulation-2025/ https://marketmanipulation.org/cases/sebi-98776-price-manipulation-2025/ In December 2025 SEBI decided afresh, after a tribunal remand for improper service of notices, that one investor took part in a scheme using bulk SMS tips to sell Timbor Home shares received free from promoters. It ordered disgorgement of about Rs 1.62 crore with interest and a Rs 5 lakh penalty. Wed, 31 Dec 2025 00:00:00 GMT SEBI price-manipulation pump-and-dump https://marketmanipulation.org/cases/asic-25-315mr-chat-group-pumps-2025/ https://marketmanipulation.org/cases/asic-25-315mr-chat-group-pumps-2025/ In December 2025 ASIC announced that Larissa Quinlan, Kurt Stuart, Emma Summer and Syed Yusuf had been convicted and sentenced in the Sydney District Court to intensive corrections orders of between 14 months and two years for the Telegram-organised ASX pump and dump, with fines on three of them and a pecuniary penalty order against Yusuf. Mon, 22 Dec 2025 00:00:00 GMT ASIC chat-group-pumps pump-and-dump https://marketmanipulation.org/cases/sec-george-john-drazenovic-pump-and-dump-2025/ https://marketmanipulation.org/cases/sec-george-john-drazenovic-pump-and-dump-2025/ In December 2025 the Securities and Exchange Commission filed a settled action in the Southern District of New York against British Columbia accountant George John Drazenovic, alleging he recklessly furthered two penny stock rings' pump-and-dump frauds as a finder of mineral rights. The proposed judgment, subject to court approval, would impose a penny stock bar, a three-year officer-and-director bar, $331,595 in disgorgement, $51,050 in interest and a $236,451 penalty. Fri, 19 Dec 2025 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sebi-95776-social-media-ramps-2025/ https://marketmanipulation.org/cases/sebi-95776-social-media-ramps-2025/ A SEBI quasi-judicial authority found that Decipher Labs' promoter-directors announced grand expansion plans that were never followed up while they sold large blocks of shares into the resulting rally. It ordered three-year bans, disgorgement of about Rs 10.2 crore and penalties of Rs 95 lakh, and only warned the company secretary. Thu, 31 Jul 2025 00:00:00 GMT SEBI misleading-issuer-disclosure pump-and-dump https://marketmanipulation.org/cases/sec-william-a-justice-keith-a-rosenbaum-brian-d-shibley-pump-and-dump-2025/ https://marketmanipulation.org/cases/sec-william-a-justice-keith-a-rosenbaum-brian-d-shibley-pump-and-dump-2025/ In July 2025 the Securities and Exchange Commission charged three former penny-stock company CEOs, William Justice, Brian Shibley and Randell Torno, and disbarred attorney Keith Rosenbaum for roles in the alleged $112 million Verges pump-and-dump. The three CEOs consented to judgments with penny stock and officer-and-director bars, $22,398 in disgorgement and $2,012 in interest against Torno, and $35,000 penalties each for Torno and Shibley; Rosenbaum's remedies are to be set later. Thu, 10 Jul 2025 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sec-benjamin-ballout-pump-and-dump-2025/ https://marketmanipulation.org/cases/sec-benjamin-ballout-pump-and-dump-2025/ In June 2025 the Securities and Exchange Commission announced final judgments in the Southern District of Florida against Benjamin Ballout and Mohamed Zayed, ending its Enerkon Solar pump-and-dump case after summary judgment. Each owes a $460,928 penalty, and Zayed owes $96,000 in disgorgement and $25,288 in interest; both are barred from penny stock offerings and Ballout from serving as an officer or director. Fri, 20 Jun 2025 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sec-ongkaruck-sripetch-et-al-pump-and-dump-2025/ https://marketmanipulation.org/cases/sec-ongkaruck-sripetch-et-al-pump-and-dump-2025/ In June 2025 the Securities and Exchange Commission announced that, with a May 2025 judgment against Brehnen Knight, it had final judgments against all seven individual defendants in its Southern District of California case over pump-and-dump schemes in at least 20 stocks between 2013 and 2017. The judgments total about $3.76 million in disgorgement, $1.59 million in interest and $203,750 in penalties, with penny stock bars; claims against the corporate defendants were voluntarily dismissed except ATG Inc., which was enjoined. Sripetch has appealed his disgorgement. Fri, 20 Jun 2025 00:00:00 GMT SEC pump-and-dump unregistered-distributions https://marketmanipulation.org/cases/asic-25-098mr-chat-group-pumps-2025/ https://marketmanipulation.org/cases/asic-25-098mr-chat-group-pumps-2025/ In June 2025 ASIC announced that Larissa Quinlan, Kurt Stuart, Emma Summer and Syed Yusuf had pleaded guilty in the Downing Centre Local Court to conspiracy to commit market rigging and to dealing with proceeds of crime, arising from a Telegram group that promoted penny stocks to public channels in August and September 2021. Sentencing was still to come. Tue, 10 Jun 2025 00:00:00 GMT ASIC chat-group-pumps pump-and-dump https://marketmanipulation.org/cases/sebi-94294-social-media-ramps-2025/ https://marketmanipulation.org/cases/sebi-94294-social-media-ramps-2025/ A SEBI whole-time member found that promoters of Sadhna Broadcast and a network of market operators ran a pump-and-dump scheme using misleading YouTube videos, paid promotion and structured trading, while the promoters sold part of their stake to retail buyers. The order covered 64 noticees, imposed bans of one or five years, disgorgement with interest, and penalties of about Rs 19.9 crore in aggregate. Thu, 29 May 2025 00:00:00 GMT SEBI social-media-ramps pump-and-dump https://marketmanipulation.org/cases/sebi-93729-misleading-issuer-disclosure-2025/ https://marketmanipulation.org/cases/sebi-93729-misleading-issuer-disclosure-2025/ A SEBI officer found that three men ran a coordinated scheme of misleading YouTube videos recommending Atlantaa Limited shares, from which two of them profited, and ordered five-year market bans, disgorgement of about Rs 10.4 lakh and penalties of Rs 70 lakh. Four other noticees were given the benefit of the doubt. Wed, 30 Apr 2025 00:00:00 GMT SEBI social-media-ramps pump-and-dump https://marketmanipulation.org/cases/sec-saeid-jaberian-pump-and-dump-2025/ https://marketmanipulation.org/cases/sec-saeid-jaberian-pump-and-dump-2025/ In April 2025 the Securities and Exchange Commission announced that the District of Minnesota had granted it partial summary judgment against Saeid Jaberian over a scheme to hijack or take control of defunct public companies and pump and dump their stock, based on his criminal guilty plea, for which he received two years of probation. The court enjoined him and barred him from penny stock offerings and from serving as an officer or director, and reserved financial relief for later. Thu, 17 Apr 2025 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sebi-92276-market-abuse-2025/ https://marketmanipulation.org/cases/sebi-92276-market-abuse-2025/ In February 2025 SEBI settled its case against Ravindra Dahyabhai Patel, one of dozens of noticees in the Sadhna Broadcast Limited matter, in which YouTube videos with false content and unrealistic price targets were alleged to have been used to lift the share price before shares were sold. He neither admitted nor denied the allegations, paying Rs 72.8 lakh, disgorging about Rs 1.91 crore and accepting a six-month market ban. Thu, 27 Feb 2025 00:00:00 GMT SEBI social-media-ramps pump-and-dump https://marketmanipulation.org/cases/sec-airborne-wireless-network-pump-and-dump-2025/ https://marketmanipulation.org/cases/sec-airborne-wireless-network-pump-and-dump-2025/ In 2025 the Securities and Exchange Commission announced final judgment in the Southern District of New York against Airborne Wireless Network, its undisclosed controller Kalistratos Kabilafkas, his father Timoleon Kabilafkas and two relief-defendant trusts, after a 2023 summary-judgment finding of an undisclosed-control scheme and pump and dump. The release records over $44 million in disgorgement and $12 million in prejudgment interest against Kalistratos Kabilafkas, with civil penalties of $21 million for him, $460,928 for his father and $1,152,314 for Airborne. A parallel criminal matter is referenced. Fri, 07 Feb 2025 00:00:00 GMT SEC pump-and-dump undisclosed-control-blocks https://marketmanipulation.org/cases/sebi-91430-social-media-ramps-2025/ https://marketmanipulation.org/cases/sebi-91430-social-media-ramps-2025/ In January 2025 SEBI found that misleading YouTube videos, boosted by paid advertising, had been used to draw buyers into the shares of Pressure Sensitive Systems (India) Limited after its relisting, while connected traders sold at a profit. The order directed disgorgement of Rs 2,54,94,702, imposed restraints of 1 to 5 years and penalties totalling Rs 3,05,00,000. Fri, 31 Jan 2025 00:00:00 GMT SEBI social-media-ramps pump-and-dump https://marketmanipulation.org/cases/sec-ronald-bauer-et-al-pump-and-dump-2024/ https://marketmanipulation.org/cases/sec-ronald-bauer-et-al-pump-and-dump-2024/ In December 2024 the Securities and Exchange Commission announced a final consent judgment in the Southern District of New York against Petar Dimitrov Mihaylov, the first in its case against eight overseas defendants over a 2006 to 2020 scheme that generated more than $145 million from unlawful sales of at least 17 microcap stocks. Mihaylov must pay $1,011,600 in disgorgement, $304,466 in interest and a $1,011,600 penalty, and is barred from penny stocks and from serving as a public company officer or director. Thu, 19 Dec 2024 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sec-minerco-inc-bobby-shumake-japhia-pump-and-dump-2024/ https://marketmanipulation.org/cases/sec-minerco-inc-bobby-shumake-japhia-pump-and-dump-2024/ In October 2024 the SEC charged Minerco, Inc., Bobby Shumake Japhia and Julius Makiri Jenge in the District of Columbia over an alleged pump-and-dump of Minerco stock built on a psilocybin-business story and a false $1 billion valuation. On January 23, 2025 the court entered consent bifurcated judgments against Minerco and Jenge, with remedies reserved; the docket shows no outcome for Shumake Japhia, whose case is stayed behind a criminal matter. Wed, 09 Oct 2024 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sec-benjamin-ballout-mohamed-zayed-pump-and-dump-2024/ https://marketmanipulation.org/cases/sec-benjamin-ballout-mohamed-zayed-pump-and-dump-2024/ In September 2024 the SEC charged Benjamin Ballout, Mohamed Zayed and William Fielding over an alleged pump-and-dump of Enerkon Solar International stock. Fielding settled by consent in November 2024, and on June 11, 2025, after the court granted the SEC summary judgment, final judgments were entered against Ballout and Zayed with $460,928 penalties each, $96,000 disgorgement and $25,288.33 interest against Zayed, and bars. Mon, 23 Sep 2024 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sec-discala-et-al-pump-and-dump-2024/ https://marketmanipulation.org/cases/sec-discala-et-al-pump-and-dump-2024/ In September 2024 the Securities and Exchange Commission announced a September 13 final consent judgment in the Eastern District of New York against Abraxas J. DiScala, the eighth and last defendant in the CodeSmart case, enjoining him, barring him from penny stock offerings and from serving as an officer or director, and ordering over $2.4 million in disgorgement and interest that is deemed satisfied by a criminal restitution order. Fri, 20 Sep 2024 00:00:00 GMT SEC pump-and-dump unregistered-distributions https://marketmanipulation.org/cases/sec-drew-morgan-ciccarelli-pump-and-dump-2024/ https://marketmanipulation.org/cases/sec-drew-morgan-ciccarelli-pump-and-dump-2024/ In 2024, the Securities and Exchange Commission obtained a judgment against Drew Morgan Ciccarelli, alleging conduct this library classifies as pump and dump. The release records disgorgement of $35,000, prejudgment interest of $13,364. A parallel criminal matter is referenced in the release. Fri, 30 Aug 2024 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sec-stephen-durland-pump-and-dump-2024/ https://marketmanipulation.org/cases/sec-stephen-durland-pump-and-dump-2024/ In August 2024 the Securities and Exchange Commission filed and settled a complaint in the Northern District of Texas against former New York CPA Stephen Durland, alleging he prepared misleading financial statements for three companies in the $112 million Verges pump-and-dump while concealing his own disciplinary history. The proposed judgment, subject to court approval, imposes a penny stock bar, $83,000 in disgorgement, $16,196 in interest and a $230,464 penalty. Tue, 13 Aug 2024 00:00:00 GMT SEC pump-and-dump https://marketmanipulation.org/cases/sec-kevan-casey-et-al-pump-and-dump-2024/ https://marketmanipulation.org/cases/sec-kevan-casey-et-al-pump-and-dump-2024/ In August 2024 the Securities and Exchange Commission charged Kevan Casey, Adrian James, Jonathan Friedlander and Robert Wheat in the Southern District of Texas over an alleged scheme to secretly accumulate microcap shares through nominee entities, publicise the stocks and sell, generating about $56 million in unlawful sales, with ten entities named as relief defendants. The charges are allegations. Fri, 09 Aug 2024 00:00:00 GMT SEC pump-and-dump undisclosed-control-blocks https://marketmanipulation.org/cases/asic-24-161mr-chat-group-pumps-2024/ https://marketmanipulation.org/cases/asic-24-161mr-chat-group-pumps-2024/ In July 2024 ASIC announced charges against Syed Yusuf, Larissa Quinlan, Emma Summer and Kurt Stuart over an alleged Telegram group that promoted penny stocks and sold into the buying. All four pleaded guilty to conspiracy to commit market rigging and were sentenced in the Sydney District Court on December 19, 2025 to imprisonment served as intensive corrections orders of 14 months to 2 years, with fines or a pecuniary penalty order. Tue, 23 Jul 2024 00:00:00 GMT ASIC chat-group-pumps pump-and-dump 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-83769-social-media-ramps-2024/ https://marketmanipulation.org/cases/sebi-83769-social-media-ramps-2024/ On 31 May 2024 a SEBI whole-time member found that a group around Prijesh Kurani used Telegram buy tips and connected accounts to pump and sell shares of Svarnim Trade Udyog Ltd in 2021. The order barred nine noticees for five years and two for two years, ordered disgorgement with interest and imposed penalties totalling Rs 7.75 crore. Fri, 31 May 2024 00:00:00 GMT SEBI social-media-ramps pump-and-dump https://marketmanipulation.org/cases/sebi-83722-price-manipulation-2024/ https://marketmanipulation.org/cases/sebi-83722-price-manipulation-2024/ On 30 May 2024 a SEBI official found that a market maker, NNM Securities, and four connected investors drove up the shares of Bhatia Communications & Retail (India) Ltd and sold about 69 lakh shares into the rise. The order barred all five for three years, ordered disgorgement of Rs 7.50 crore and imposed Rs 50 lakh in penalties. Thu, 30 May 2024 00:00:00 GMT SEBI price-manipulation pump-and-dump https://marketmanipulation.org/cases/sebi-83550-social-media-ramps-2024/ https://marketmanipulation.org/cases/sebi-83550-social-media-ramps-2024/ On 22 May 2024 a SEBI whole-time member found that a stockbroking director and 18 others pumped Superior Finlease Ltd with connected-account trading and Telegram buy tips on 14 September 2021, then sold into the rise. The order barred all 19 noticees from the market, ordered disgorgement with interest and imposed penalties totalling Rs 11.9 crore. Wed, 22 May 2024 00:00:00 GMT SEBI social-media-ramps pump-and-dump