Market Manipulation. Search

Front running enforcement actions

This library records 12 enforcement actions tagged front running. Front running is trading ahead of a customer order to capture the price improvement that order will produce, which breaches a duty owed to that customer rather than falsifying any public price.

Actions are listed newest first. Each row links to a case page carrying the regulator's own release and, where one was published, the complaint. For how this technique works and what statute it engages, read the front running technique page.

Actions
12
Total penalties
$1.7m
Median penalty
$100k
Largest
$1.5m
Criminal parallel
25%
Action Agency Filed Penalty Status
SEC v. Sean Wygovsky and Christopher Matthaei (front running, 2023) SEC 2023-03-31 settled
SEC v. Lawrence Billimek and Alan Williams (front running, 2022) SEC 2022-12-20 unknown
SEC v. Sergei Polevikov, et al. (front running, 2022) SEC 2022-08-17 dismissed
CFTC v. Energy Broker and Its Owner (front running, 2019) CFTC 2019-10-01 $1.5m judgment
OSC v. Royal Bank of Canada (front running, 2019) OSC 2019-08-26 settled
OSC v. The Toronto-Dominion Bank (benchmark submission rigging, 2019) OSC 2019-08-26 settled
CFTC v. Block Trade Broker (front running, 2018) CFTC 2018-09-28 filed
SEC v. Mizuho Securities USA LLC (front running, 2018) SEC 2018-07-23 settled
ASIC v. UBS Securities (front running, 2017) ASIC 2017-06-15 unknown
SEC v. Deutsche Bank Securities Inc. (front running, 2016) SEC 2016-10-12 $100k judgment
SEC v. Gibson and Christopher M. (front running, 2016) SEC 2016-03-29 unknown
CFTC v. Arya Motazedi (front running, 2015) CFTC 2015-12-03 $100k judgment