https://marketmanipulation.org/cases/technique/matched-orders/ The 30 most recent enforcement records tagged matched orders in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges. en-us Thu, 03 Sep 2026 00:00:00 GMT https://marketmanipulation.org/cases/sec-corey-ortiz-free-riding-and-parking-2026/ https://marketmanipulation.org/cases/sec-corey-ortiz-free-riding-and-parking-2026/ In August 2026 the SEC announced a final consent judgment against Corey Ortiz, who it said recruited people to open loser accounts in the Long Island free-riding scheme. He is liable for $199,710 disgorgement and $19,727 interest, deemed satisfied by criminal restitution, with a five-year account-opening injunction. Thu, 03 Sep 2026 00:00:00 GMT SEC free-riding-and-parking matched-orders https://marketmanipulation.org/cases/sec-christopher-flagg-free-riding-and-parking-2026/ https://marketmanipulation.org/cases/sec-christopher-flagg-free-riding-and-parking-2026/ In April 2026 the SEC announced final consent judgments against Christopher Flagg, Daquan Lloyd and Travis Treusch in the Long Island free-riding case. Together they are liable for $482,440 disgorgement and $47,654.75 interest, deemed satisfied by criminal restitution, with conduct injunctions of five years for Flagg and Lloyd and three for Treusch. Thu, 30 Apr 2026 00:00:00 GMT SEC free-riding-and-parking matched-orders https://marketmanipulation.org/cases/sec-eduardo-hernandez-free-riding-and-parking-2025/ https://marketmanipulation.org/cases/sec-eduardo-hernandez-free-riding-and-parking-2025/ In July 2025 the SEC announced a final consent judgment against Eduardo Hernandez, alleged mastermind of a $2 million free-riding scheme using at least 600 accounts. He is liable for $525,355 disgorgement and $122,996 interest, deemed satisfied by criminal restitution, with a trading injunction. Thu, 03 Jul 2025 00:00:00 GMT SEC free-riding-and-parking matched-orders https://marketmanipulation.org/cases/cftc-yueyu-bao-matched-orders-2024/ https://marketmanipulation.org/cases/cftc-yueyu-bao-matched-orders-2024/ In October 2024, a California federal court entered a default judgment against Chinese citizen Yueyu Bao, ordering a US$260,140 penalty and US$130,070 disgorgement over 33 prearranged noncompetitive futures trades that moved money from his cousin's account to his own. Thu, 24 Oct 2024 00:00:00 GMT CFTC matched-orders https://marketmanipulation.org/cases/sec-giguiere-et-al-undisclosed-control-blocks-2024/ https://marketmanipulation.org/cases/sec-giguiere-et-al-undisclosed-control-blocks-2024/ In 2024, the Securities and Exchange Commission published a release announcing it had obtained a monetary judgment against Gannon Giguiere for undisclosed control, selling while promoting and matched trading. This library classifies the conduct as undisclosed control blocks, matched orders and pump and dump. The release records a civil penalty of $875,000, disgorgement of $7,760,416. Thu, 13 Jun 2024 00:00:00 GMT SEC undisclosed-control-blocks matched-orders pump-and-dump https://marketmanipulation.org/cases/sec-eduardo-hernandez-et-al-free-riding-and-parking-2024/ https://marketmanipulation.org/cases/sec-eduardo-hernandez-et-al-free-riding-and-parking-2024/ In October 2023 the SEC charged Eduardo Hernandez, Christopher Flagg, Daquan Lloyd and Corey Ortiz over an alleged free-riding scheme. Final consent judgments were entered between June 2025 and August 2026, with disgorgement of about $1.16 million in total, treated as satisfied by criminal orders. Thu, 04 Apr 2024 00:00:00 GMT SEC free-riding-and-parking matched-orders https://marketmanipulation.org/cases/cftc-a-trader-matched-orders-2024/ https://marketmanipulation.org/cases/cftc-a-trader-matched-orders-2024/ In January 2024 the CFTC sued Chinese citizen Yueyu Bao over 33 prearranged trades of 410 CBOT futures contracts. Default judgment orders of July 31 and August 20, 2024 require a $260,140 penalty and $130,070 disgorgement and ban him from CFTC-regulated trading. Tue, 16 Jan 2024 00:00:00 GMT CFTC matched-orders https://marketmanipulation.org/cases/cftc-california-resident-matched-orders-2023/ https://marketmanipulation.org/cases/cftc-california-resident-matched-orders-2023/ In September 2023, the CFTC settled charges against Irvine resident Jie "Elaine" Yu, ordering a US$300,000 penalty and six-month bans for 33 prearranged noncompetitive CME futures trades that moved at least US$159,000 to her cousin's account. Fri, 22 Sep 2023 00:00:00 GMT CFTC matched-orders https://marketmanipulation.org/cases/sec-discala-et-al-reverse-merger-schemes-2023/ https://marketmanipulation.org/cases/sec-discala-et-al-reverse-merger-schemes-2023/ In April 2023 the SEC announced final consent judgments against attorney Darren Ofsink and Michael Morris in the CodeSmart Holdings case, who the SEC said helped run its reverse merger into a shell, obscured key holders' stakes and, for Morris, matched trades to inflate the price. They accepted injunctions and penny-stock bars and disgorgement of $319,935.11 deemed satisfied by criminal restitution. Mon, 03 Apr 2023 00:00:00 GMT SEC reverse-merger-schemes undisclosed-control-blocks matched-orders https://marketmanipulation.org/cases/sec-ahmad-haris-tajyar-marking-the-close-2021/ https://marketmanipulation.org/cases/sec-ahmad-haris-tajyar-marking-the-close-2021/ In 2021, the Securities and Exchange Commission settled an action with Ahmad Haris Tajyar and Eric Leo Marsoubian, alleging conduct this library classifies as marking the close, matched orders and wash trading. The release records a civil penalty of $219,604, disgorgement of $15,267. Fri, 13 Aug 2021 00:00:00 GMT SEC marking-the-close matched-orders wash-trading https://marketmanipulation.org/cases/sec-ron-phillips-matched-orders-2021/ https://marketmanipulation.org/cases/sec-ron-phillips-matched-orders-2021/ In 2021, the Securities and Exchange Commission obtained a judgment against Ron Phillips, alleging conduct this library classifies as matched orders. The release records a civil penalty of $30,000, disgorgement of $2,305. Wed, 30 Jun 2021 00:00:00 GMT SEC matched-orders https://marketmanipulation.org/cases/sec-joel-stohlman-et-al-matched-orders-2020/ https://marketmanipulation.org/cases/sec-joel-stohlman-et-al-matched-orders-2020/ In 2020, the Securities and Exchange Commission published a release alleging a kickback-funded matched-order scheme in three microcap stocks. This library classifies the conduct as matched orders. No monetary relief has been recorded at this stage; the matter is an allegation and remains unproven. A parallel criminal matter is referenced in the release. Wed, 30 Sep 2020 00:00:00 GMT SEC matched-orders https://marketmanipulation.org/cases/cftc-illinois-resident-matched-orders-2020/ https://marketmanipulation.org/cases/cftc-illinois-resident-matched-orders-2020/ In July 2020, the CFTC settled charges against Illinois broker Mark Miller and his firm Foremost Trading LLC for fraud, unauthorized prearranged trades with a customer's accounts, and supervision failures, ordering penalties of US$450,000 and US$723,013 in restitution. Mon, 06 Jul 2020 00:00:00 GMT CFTC matched-orders https://marketmanipulation.org/cases/sec-kit-mun-chan-lau-kean-chong-chong-poui-fan-binji-lu-matched-orders-2020/ https://marketmanipulation.org/cases/sec-kit-mun-chan-lau-kean-chong-chong-poui-fan-binji-lu-matched-orders-2020/ In February 2020, a New York federal court entered final judgments against five foreign traders accused of entering matched orders in Medico International (MDDT) stock, ordering about US$1.15 million in disgorgement, interest and civil penalties. Fri, 21 Feb 2020 00:00:00 GMT SEC matched-orders https://marketmanipulation.org/cases/sec-richard-eden-et-al-matched-orders-2019/ https://marketmanipulation.org/cases/sec-richard-eden-et-al-matched-orders-2019/ In November 2019 the SEC announced settled charges against Richard Eden, Dale Pearlman and Christopher Neumann for cold-calling investors into buying microcap Intertech Solutions at prices and volumes coordinated so an undisclosed control person's sell orders matched, while acting as unregistered brokers. Combined payments total $1,016,372 disgorgement, $83,416 interest and $225,000 in penalties. Mon, 04 Nov 2019 00:00:00 GMT SEC matched-orders https://marketmanipulation.org/cases/sec-michael-j-starkweather-matched-orders-2019/ https://marketmanipulation.org/cases/sec-michael-j-starkweather-matched-orders-2019/ The Eastern District of New York entered a final consent judgment against former Andiamo CEO Michael Starkweather on January 14, 2021 and a default judgment against Andiamo on November 30, 2021 with a $150,000 penalty. The outcome for William White, charged in a separate complaint, was not checked. Thu, 17 Oct 2019 00:00:00 GMT SEC matched-orders fake-press-releases https://marketmanipulation.org/cases/sec-chip-hackley-matched-orders-2019/ https://marketmanipulation.org/cases/sec-chip-hackley-matched-orders-2019/ In September 2019, the SEC settled administrative proceedings against Chip Hackley, an undisclosed control person of Holy Grail Company, over a scheme to sell shares through prearranged matched trades with an undercover FBI informant's purported network of brokers in return for a 40 percent kickback. Wed, 25 Sep 2019 00:00:00 GMT SEC matched-orders undisclosed-control-blocks https://marketmanipulation.org/cases/sec-george-matin-matched-orders-2019/ https://marketmanipulation.org/cases/sec-george-matin-matched-orders-2019/ In 2019, the Securities and Exchange Commission published a release announcing a settlement of findings of a matched-trade and broker-kickback scheme to manipulate two microcap stocks. This library classifies the conduct as matched orders and price manipulation. Wed, 25 Sep 2019 00:00:00 GMT SEC matched-orders price-manipulation https://marketmanipulation.org/cases/sec-harold-minsky-matched-orders-2019/ https://marketmanipulation.org/cases/sec-harold-minsky-matched-orders-2019/ In 2019, the Securities and Exchange Commission published a release announcing a settlement of findings of a matched-trade and broker-kickback scheme to manipulate two microcap stocks. This library classifies the conduct as matched orders and price manipulation. Wed, 25 Sep 2019 00:00:00 GMT SEC matched-orders price-manipulation https://marketmanipulation.org/cases/sec-beaufort-secs-ltd-pump-and-dump-2019/ https://marketmanipulation.org/cases/sec-beaufort-secs-ltd-pump-and-dump-2019/ In July 2019 the Securities and Exchange Commission announced consent judgments in the Eastern District of New York against Beaufort Securities Ltd., a U.K. broker-dealer, and its investment manager Panayiotis Kyriacou, over manipulative trading in a microcap stock arranged with an undercover FBI agent. Both were enjoined and barred from penny stock offerings; additional remedies against Kyriacou were reserved. Related criminal prosecutions are noted. Mon, 29 Jul 2019 00:00:00 GMT SEC matched-orders pump-and-dump https://marketmanipulation.org/cases/sec-kit-mun-chan-lau-kean-chong-chong-poui-fan-binji-lu-matched-orders-2019/ https://marketmanipulation.org/cases/sec-kit-mun-chan-lau-kean-chong-chong-poui-fan-binji-lu-matched-orders-2019/ In June 2019 the SEC charged five traders in China, Singapore and Malaysia with manipulating Medico International stock through matched orders. On 11 February 2020 a New York federal court entered final judgments against all five, one by consent and four by default, ordering $1,145,407 in total monetary remedies and penny stock bars. The release says the defendants' trades made up about 70% of the volume in the period. Fri, 21 Jun 2019 00:00:00 GMT SEC matched-orders https://marketmanipulation.org/cases/sec-eric-t-landis-et-al-matched-orders-2018/ https://marketmanipulation.org/cases/sec-eric-t-landis-et-al-matched-orders-2018/ In November 2018 the SEC sued Virginia promoter Eric Landis and his company Ridgeview, alleging sham email promotion and about 1,300 matched trades in microcap stocks. Both consented to injunctions, and on 5 December 2022 a Massachusetts federal court entered final judgment ordering $2,505,488 in disgorgement, which it treated as satisfied by a criminal forfeiture of the same amount. Landis had been sentenced to six months in prison in a parallel criminal case. Thu, 29 Nov 2018 00:00:00 GMT SEC matched-orders https://marketmanipulation.org/cases/sec-howard-m-appel-matched-orders-2018/ https://marketmanipulation.org/cases/sec-howard-m-appel-matched-orders-2018/ In 2018, the Securities and Exchange Commission settled an action with Howard M. Appel, alleging conduct this library classifies as matched orders. The release does not state a monetary figure that we were able to extract. A parallel criminal matter is referenced in the release. Mon, 30 Jul 2018 00:00:00 GMT SEC matched-orders https://marketmanipulation.org/cases/sec-gannon-giguiere-et-al-matched-orders-2018/ https://marketmanipulation.org/cases/sec-gannon-giguiere-et-al-matched-orders-2018/ In July 2018 the SEC sued Gannon Giguiere and four others over alleged manipulation of two microcap stocks, including a matched-order scheme. Giguiere consented to a bifurcated judgment in April 2023 and was ordered in June 2024 to pay about $10.7 million; three co-defendants also reached judgments, the last on 8 January 2025, though one named defendant's outcome was not found. Mon, 16 Jul 2018 00:00:00 GMT SEC matched-orders pump-and-dump https://marketmanipulation.org/cases/sec-andy-z-fan-fake-press-releases-2018/ https://marketmanipulation.org/cases/sec-andy-z-fan-fake-press-releases-2018/ In 2018, the Securities and Exchange Commission settled an action with Andy Z. Fan, alleging conduct this library classifies as fake press releases, matched orders and reverse merger schemes. The release records a civil penalty of $140,000. Wed, 25 Apr 2018 00:00:00 GMT SEC fake-press-releases matched-orders reverse-merger-schemes https://marketmanipulation.org/cases/sec-timary-delorme-pump-and-dump-2018/ https://marketmanipulation.org/cases/sec-timary-delorme-pump-and-dump-2018/ In March 2018 the Securities and Exchange Commission settled an administrative proceeding with Wedbush registered representative Timary Delorme, finding that from 2008 to 2014 she joined Izak Engelbrecht's microcap manipulation scheme by buying his stocks in customer accounts for undisclosed payments to her husband and by matched and price-supporting trades. She was barred from the securities industry and agreed to a $50,000 penalty. Tue, 27 Mar 2018 00:00:00 GMT SEC pump-and-dump matched-orders https://marketmanipulation.org/cases/sec-beaufort-securities-ltd-matched-orders-2018/ https://marketmanipulation.org/cases/sec-beaufort-securities-ltd-matched-orders-2018/ In March 2018 the SEC charged Beaufort Securities Ltd., investment manager Panayiotis Kyriacou and others after an undercover FBI operation in which they allegedly agreed to manipulate microcap stocks through matched trades. On July 25, 2019 the court entered consent judgments against Beaufort and Kyriacou enjoining them and barring them from penny stock offerings, with money remedies reserved for Kyriacou. Fri, 16 Mar 2018 00:00:00 GMT SEC matched-orders pump-and-dump https://marketmanipulation.org/cases/asic-17-425mr-matched-orders-2017/ https://marketmanipulation.org/cases/asic-17-425mr-matched-orders-2017/ In 2017, the Administrative Appeals Tribunal affirmed ASIC's three-year bans on former adviser Tony Davidof and former Credit Suisse employee Philip McLean over pre-arranged back-to-back trades in Credit Suisse MINI warrants that shifted profit or loss from earlier futures trades. Mon, 11 Dec 2017 00:00:00 GMT ASIC matched-orders https://marketmanipulation.org/cases/sec-jeffrey-d-martin-et-al-pump-and-dump-2017/ https://marketmanipulation.org/cases/sec-jeffrey-d-martin-et-al-pump-and-dump-2017/ In August 2017 the SEC announced charges against eight people in a $2 million pump and dump of the shell Mainstream Entertainment (later Volt Solar Systems), led by Jeffrey Martin and Thomas Tedrow, with two respondents settling at once. On January 10, 2025 the Middle District of Florida entered a consent final judgment against Martin with officer-and-director and penny stock bars and $1,927,418 in disgorgement and interest deemed satisfied by a criminal forfeiture. The Tedrows and others were not checked. Tue, 01 Aug 2017 00:00:00 GMT SEC pump-and-dump paid-stock-promotion matched-orders unregistered-distributions https://marketmanipulation.org/cases/sec-james-m-farinella-et-al-matched-orders-2017/ https://marketmanipulation.org/cases/sec-james-m-farinella-et-al-matched-orders-2017/ In June 2017 the SEC alleged that Pazoo, Inc. stock was promoted and matched-traded so a controlling holder, James Farinella, could dump shares for over $1 million. A consent final judgment against Farinella was entered on August 28, 2020, with a penny stock bar and $1,076,304 in disgorgement and interest deemed satisfied by a criminal forfeiture. The other defendants were not checked. Wed, 21 Jun 2017 00:00:00 GMT SEC matched-orders pump-and-dump