SEC v. Cannell Capital, LLC (2020)

Settled

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In February 2020 the SEC settled proceedings against Cannell Capital for failing, from 2014 to October 2019, to keep a list of restricted securities and to design policies against misuse of material non-public information. It was censured and paid a $150,000 penalty. No trading on inside information is charged.

The record

What was ordered

Civil penalty

$150k

Disgorgement

—

Prejudgment interest

—

Total relief

$150k

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 Commission found that the adviser did not follow its own policies, because it kept no list of securities that covered persons could not trade, and that its policies did not address its business risks, violating Section 204A of the Advisers Act. The insider-trading tag has been removed as the finding is a compliance failure.

Timeline

1. 2020-02-04 Administrative proceeding instituted (cease-and-desist)

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 order

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.