Home / Cases / Matched orders Matched orders enforcement actions This library records 38 enforcement actions tagged matched orders. Matched orders are prearranged trades between parties acting in concert, entered so that they execute against each other at a price agreed away from the market rather than discovered in it.
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 matched orders technique page.
Actions 38
Total penalties $9.4m
Median penalty $150k
Largest $6.5m
Criminal parallel 32% Action Agency Filed Penalty Status SEC v. RSE Markets, Inc. (matched orders, 2023) SEC 2023-07-12 — settled SEC v. Legal & General Investment Management America, Inc. (matched orders, 2022) SEC 2022-11-21 — settled SEC v. William Scott Lawler, Esq. (matched orders, 2021) SEC 2021-08-18 — judgment SEC v. Ahmad Haris Tajyar and Eric Leo Marsoubian (marking the close, 2021) SEC 2021-08-13 $220k settled SEC v. Ron Phillips (matched orders, 2021) SEC 2021-06-30 $30k judgment CFTC v. Connecticut Firm (matched orders, 2021) CFTC 2021-05-18 $500k judgment CFTC v. Coinbase Inc. (exchange wash trading, 2021) CFTC 2021-03-19 $6.5m judgment SEC v. Ronald Phillips, Esq. (matched orders, 2020) SEC 2020-12-17 — judgment SEC v. Joel Stohlman, et al. (matched orders, 2020) SEC 2020-09-30 — filed SEC v. Palmer Square Capital Management LLC (matched orders, 2020) SEC 2020-09-21 — settled CFTC v. Trader and His Firm (matched orders, 2020) CFTC 2020-05-07 $150k judgment SEC v. Kit Mun Chan, Lau Kean Chong, Chong Poui Fan, Binji Lu, and Youn Chien Wong (matched orders, 2020) SEC 2020-02-21 — judgment SEC v. Michael J. Starkweather and Andiamo Corporation, William White (matched orders, 2019) SEC 2019-10-17 — filed SEC v. Chip Hackley (matched orders, 2019) SEC 2019-09-25 — unknown SEC v. George Matin (matched orders, 2019) SEC 2019-09-25 — settled SEC v. Harold Minsky (matched orders, 2019) SEC 2019-09-25 — settled SEC v. Kit Mun Chan, Lau Kean Chong, Chong Poui Fan, Binji Lu, and Youn Chien Wong (matched orders, 2019) SEC 2019-06-21 — filed SEC v. Eric T. Landis et al. (matched orders, 2018) SEC 2018-11-29 — filed SEC v. Howard M. Appel (matched orders, 2018) SEC 2018-07-30 — settled SEC v. Andy Z. Fan (fake press releases, 2018) SEC 2018-04-25 — settled SEC v. Beaufort Securities Ltd. and others (matched orders, 2018) SEC 2018-03-16 — filed AAT upholds ASIC bans of client advisers for trading in 'MINI' warrants (ASIC, 2017) ASIC 2017-12-11 — appealed SEC v. Douglas Furth (matched orders, 2017) SEC 2017-01-10 — judgment CFTC v. unnamed respondents (matched orders, 2016) CFTC 2016-12-15 $1.2m filed SEC v. Jason W. Galanis, et al. (matched orders, 2016) SEC 2016-09-30 — judgment SEC v. Louis T. Buonocore, Jeremy R. Draper, Frank J. Morelli, III, Berardino "Dino" Paolucci, Jr. and Don L. Rose (matched orders, 2016) SEC 2016-09-30 — settled Court reduces jail time for New South Wales man sentenced for market manipulation (ASIC, 2016) ASIC 2016-02-29 — unknown SEC v. Credit Suisse Securities (USA) LLC (matched orders, 2016) SEC 2016-01-31 — judgment SEC v. Michael J. Ling (marking the close, 2015) SEC 2015-12-23 $100k judgment SEC v. Morgan Stanley Investment Management Inc. and Sheila Huang (matched orders, 2015) SEC 2015-12-22 $125k settled NSW man jailed for market manipulation (ASIC, 2015) ASIC 2015-09-25 — unknown SEC v. Jason W. Galanis (matched orders, 2015) SEC 2015-09-24 — judgment CFTC v. MF Global Inc. (boiler rooms, 2014) CFTC 2014-11-07 — settled New South Wales man pleads guilty to market manipulation (ASIC, 2014) ASIC 2014-10-16 — unknown CFTC v. Fan Zhang (matched orders, 2014) CFTC 2014-09-30 $250k judgment CFTC v. Absa Bank (matched orders, 2014) CFTC 2014-09-26 $150k judgment CFTC v. FirstRand Bank (matched orders, 2014) CFTC 2014-08-28 $150k judgment CFTC v. Registered COMEX Floor Broker Dominick Anthony Cognata (matched orders, 2013) CFTC 2013-10-01 — filed