Market manipulation enforcement actions filed in 2025

This library records 120 market manipulation enforcement actions filed in 2025, brought by CFTC, SEC.

Counts by year reflect when an action was filed or announced, not when the underlying conduct occurred — those are often years apart. Compare across years with care: a single multi-defendant sweep can dominate a year's count.

Actions: 20
Total penalties: $1.6m
Median penalty: $198k
Largest: $685k
Criminal parallel: 20%

Action	Agency	Filed	Technique	Penalty	Status
SEC v. Frank T. Poerio, Jr. (insider trading, 2025)	SEC	2025-02-06	Insider Trading	—	judgment
SEC v. Andre Wong (insider trading, 2025)	SEC	2025-02-04	Insider Trading	—	judgment
CFTC v. Roberto Pulido (paid stock promotion, 2025)	CFTC	2025-01-27	Paid Stock Promotion	$685k	judgment
SEC v. John A. Heropoulos (insider trading, 2025)	SEC	2025-01-24	Insider Trading	—	settled
SEC v. Kenneth G. Miccio (insider trading, 2025)	SEC	2025-01-24	Insider Trading	$10k	settled
SEC v. Gabriel Rebeiz (insider trading, 2025)	SEC	2025-01-22	Insider Trading	$361k	judgment
SEC v. Karina N. Fernandez (ponzi schemes, 2025)	SEC	2025-01-21	Ponzi Schemes	—	settled
SEC v. Barry A. Ruffalo (insider trading, 2025)	SEC	2025-01-17	Insider Trading	—	settled
SEC v. Investview, Inc. (unregistered distributions, 2025)	SEC	2025-01-17	Unregistered Distributions	—	settled
SEC v. Naufal Sanaullah (ponzi schemes, 2025)	SEC	2025-01-17	Ponzi Schemes	—	settled
SEC v. Robert L. Ruffalo and others (insider trading, 2025)	SEC	2025-01-17	Insider Trading	—	settled
SEC v. William R. Ruffalo (insider trading, 2025)	SEC	2025-01-17	Insider Trading	$108k	settled
SEC v. Eric Zhu (rug pulls, 2025)	SEC	2025-01-16	Rug Pulls	—	settled
SEC v. Alfred V. Tobia, Jr. and Elizabeth Lee (insider trading, 2025)	SEC	2025-01-14	Insider Trading	—	settled
SEC v. Hari Prasad Sure, et al. (insider trading, 2025)	SEC	2025-01-14	Insider Trading	—	judgment
SEC v. Robinhood Financial LLC and Robinhood Securities, LLC (naked short selling debate, 2025)	SEC	2025-01-13	Naked Short Selling Debate , Spoofing	—	settled
SEC v. SpeedRoute LLC (layering, 2025)	SEC	2025-01-10	Layering , Pump And Dump +2	—	settled
SEC v. Michael Caridi (paid stock promotion, 2025)	SEC	2025-01-08	Paid Stock Promotion	$180k	judgment
SEC v. David S. Sargent (insider trading, 2025)	SEC	2025-01-07	Insider Trading	$215k	judgment
SEC v. Joseph M. Dupont and others (insider trading, 2025)	SEC	2025-01-03	Insider Trading	—	judgment