SEC v. Alexander Rowland (2020)

Settled

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In October 2020 the SEC sued Alexander Rowland, who consented to a judgment: an injunction was entered on 1 July 2021 and on 20 October 2021 the Eastern District of Pennsylvania ordered US$2,196,836.51 in disgorgement, deemed satisfied by a criminal restitution order of the same amount.

The record

What was ordered

Civil penalty

—

Disgorgement

$2.2m

Prejudgment interest

—

Total relief

$2.2m

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 SEC announced the complaint on October 13, 2020 (LR-24944) in federal court in Philadelphia. It alleges phony account updates urged investors to reinvest and that most money went to personal expenses and some Ponzi-like payments to earlier investors. The SEC charges Section 17(a), Section 10(b) and Rule 10b-5.

The Ponzi tag is removed because the release is headed an offering fraud, with Ponzi-like payments only one use of the money.

Outcome. A partial consent judgment was filed on 1 July 2021, and the court's order of 20 October 2021 added disgorgement of US$2,196,836.51, the net profits alleged in the complaint, deemed satisfied by the restitution order in United States v. Rowland. The October order carries forward the injunction against violating Section 17(a), Section 10(b) and Rule 10b-5. The July filing is a scanned image whose text could not be machine-read, so its terms are taken from the October order.

The judgment was by consent, so the allegations were not tried. No penalty or prejudgment interest appears in the order, and the criminal sentence is not stated in it.

Timeline

1. 2020-10-13 Litigation release published
2. 2021-07-01 Partial consent judgment filed
3. 2021-10-20 Order granting judgment: disgorgement deemed satisfied by criminal restitution

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
• Partial judgment as to Alexander Rowland (1 July 2021)
• Order and consent judgment (20 October 2021)

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.

Record added September 10, 2026. submit a correction.