{ "version": "https://jsonfeed.org/version/1.1", "title": "Market Manipulation: The naked short selling debate enforcement actions", "home_page_url": "https://marketmanipulation.org/cases/technique/naked-short-selling-debate/", "feed_url": "https://marketmanipulation.org/feeds/technique/naked-short-selling-debate.json", "description": "The 30 most recent enforcement records tagged the naked short selling debate in the Market Manipulation library, each linked to its primary source. Tags are our classification, not the charges.", "language": "en-US", "items": [ { "id": "https://marketmanipulation.org/cases/sec-robinhood-financial-llc-and-robinhood-securities-llc-naked-short-selling-deb/", "url": "https://marketmanipulation.org/cases/sec-robinhood-financial-llc-and-robinhood-securities-llc-naked-short-selling-deb/", "external_url": "https://www.sec.gov/files/litigation/admin/2025/34-102170.pdf", "title": "SEC v. Robinhood Financial LLC and Robinhood Securities, LLC (naked short selling debate, 2025)", "summary": "In 2025, the Securities and Exchange Commission settled an action with Robinhood Financial LLC and Robinhood Securities, LLC. The order covers a group of compliance failures: inaccurate blue sheet data, Regulation SHO close-out violations around stock lending and fractional shares, slow suspicious activity reporting, identity-theft prevention, and recordkeeping. Robinhood Financial pays $11.5 million and Robinhood Securities $33.5 million. \"Spoofed\" there describes a faked caller number in a social-engineering attack, not order spoofing. The release records a civil penalty of $45 million.", "date_published": "2025-01-13T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-maxim-group-llc-naked-short-selling-debate-2023/", "url": "https://marketmanipulation.org/cases/sec-maxim-group-llc-naked-short-selling-debate-2023/", "external_url": "https://www.sec.gov/files/litigation/admin/2023/34-98605.pdf", "title": "SEC v. Maxim Group, LLC (naked short selling debate, 2023)", "summary": "In 2023, the Securities and Exchange Commission settled an action with Maxim Group, LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $800,000.", "date_published": "2023-09-29T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-simplex-trading-llc-naked-short-selling-debate-2023/", "url": "https://marketmanipulation.org/cases/sec-simplex-trading-llc-naked-short-selling-debate-2023/", "external_url": "https://www.sec.gov/files/litigation/admin/2023/34-98346.pdf", "title": "SEC v. Simplex Trading, LLC (naked short selling debate, 2023)", "summary": "In 2023, the Securities and Exchange Commission settled an action with Simplex Trading, LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $200,000.", "date_published": "2023-09-11T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-hal-d-mintz-naked-short-selling-debate-2023/", "url": "https://marketmanipulation.org/cases/sec-hal-d-mintz-naked-short-selling-debate-2023/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25746", "title": "SEC v. Hal D. Mintz and Sabby Management LLC (naked short selling debate, 2023)", "summary": "In 2023, the Securities and Exchange Commission brought an action against Hal D. Mintz and Sabby Management LLC, alleging conduct this library classifies as naked short selling debate. No monetary relief has been recorded at this stage; the matter is an allegation and remains unproven.", "date_published": "2023-06-14T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/asic-23-131mr-naked-short-selling-debate-2023/", "url": "https://marketmanipulation.org/cases/asic-23-131mr-naked-short-selling-debate-2023/", "external_url": "https://www.asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-131mr-asic-bans-former-fund-manager-for-naked-short-selling", "title": "ASIC bans former fund manager for naked short selling (2023)", "summary": "In May 2023 ASIC banned former Gleneagle Securities fund manager Gregory Tolpigin from providing financial services for three years after finding he sold shares he neither owned nor had borrowed on 150 occasions between January and August 2021, over $7 million in total.", "date_published": "2023-05-22T00:00:00.000Z", "tags": [ "ASIC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-imc-chicago-llc-naked-short-selling-debate-2022/", "url": "https://marketmanipulation.org/cases/sec-imc-chicago-llc-naked-short-selling-debate-2022/", "external_url": "https://www.sec.gov/files/litigation/admin/2022/34-95487.pdf", "title": "SEC v. IMC Chicago, LLC (naked short selling debate, 2022)", "summary": "In 2022, the Securities and Exchange Commission settled an action with IMC Chicago, LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $125,000.", "date_published": "2022-08-12T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-btig-llc-naked-short-selling-debate-2022/", "url": "https://marketmanipulation.org/cases/sec-btig-llc-naked-short-selling-debate-2022/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25380", "title": "SEC v. BTIG, LLC (naked short selling debate, 2022)", "summary": "In May 2022, the Securities and Exchange Commission obtained a judgment against BTIG, LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $315,048, disgorgement of $315,048 and prejudgment interest of $64,258.", "date_published": "2022-05-03T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-maplelane-capital-llc-naked-short-selling-debate-2022/", "url": "https://marketmanipulation.org/cases/sec-maplelane-capital-llc-naked-short-selling-debate-2022/", "external_url": "https://www.sec.gov/files/litigation/admin/2022/34-94830.pdf", "title": "SEC v. Maplelane Capital LLC (naked short selling debate, 2022)", "summary": "In 2022, the Securities and Exchange Commission settled an action with Maplelane Capital LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $250,000, disgorgement of $554,721, prejudgment interest of $19,320.", "date_published": "2022-05-02T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-tradition-securities-and-derivatives-llc-naked-short-selling-debate-2021/", "url": "https://marketmanipulation.org/cases/sec-tradition-securities-and-derivatives-llc-naked-short-selling-debate-2021/", "external_url": "https://www.sec.gov/files/litigation/admin/2021/34-93154.pdf", "title": "SEC v. Tradition Securities and Derivatives, LLC (naked short selling debate, 2021)", "summary": "In 2021, the Securities and Exchange Commission settled an action with Tradition Securities and Derivatives, LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $841,627, disgorgement of $841,627, prejudgment interest of $104,205.", "date_published": "2021-09-28T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-murchinson-ltd-naked-short-selling-debate-2021/", "url": "https://marketmanipulation.org/cases/sec-murchinson-ltd-naked-short-selling-debate-2021/", "external_url": "https://www.sec.gov/files/litigation/admin/2021/34-92684.pdf", "title": "SEC v. Murchinson Ltd. and Marc Bistricer and Paul Zogala (naked short selling debate, 2021)", "summary": "In August 2021 the Securities and Exchange Commission settled an administrative order with Murchinson, Marc Bistricer and Paul Zogala, finding they caused a hedge fund's brokers to mismark short sales as long and to sell without a locate. The relief is $7 million disgorgement, $1,078,183 interest and $900,000 in penalties.", "date_published": "2021-08-17T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-btig-llc-naked-short-selling-debate-2021/", "url": "https://marketmanipulation.org/cases/sec-btig-llc-naked-short-selling-debate-2021/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25092", "title": "SEC v. BTIG, LLC (naked short selling debate, 2021)", "summary": "In May 2021 the SEC charged broker-dealer BTIG with mismarking more than 90 sale orders and failing to locate shares under Regulation SHO. On 2 May 2022 the Southern District of New York entered a consent judgment with an injunction, US$315,048 in disgorgement, US$64,258 in interest and a US$315,048 penalty.", "date_published": "2021-05-20T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-cormark-securities-inc-naked-short-selling-debate-2020/", "url": "https://marketmanipulation.org/cases/sec-cormark-securities-inc-naked-short-selling-debate-2020/", "external_url": "https://www.sec.gov/files/litigation/admin/2020/34-90740.pdf", "title": "SEC v. Cormark Securities Inc. (naked short selling debate, 2020)", "summary": "In 2020, the Securities and Exchange Commission settled an action with Cormark Securities Inc., alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $800,000.", "date_published": "2020-12-21T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-itg-canada-corp-naked-short-selling-debate-2020/", "url": "https://marketmanipulation.org/cases/sec-itg-canada-corp-naked-short-selling-debate-2020/", "external_url": "https://www.sec.gov/files/litigation/admin/2020/34-90741.pdf", "title": "SEC v. ITG Canada Corp. and Virtu ITG Canada Corp. (naked short selling debate, 2020)", "summary": "In December 2020, the Securities and Exchange Commission settled an action with ITG Canada Corp. (now Virtu ITG Canada Corp.), alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $200,000.", "date_published": "2020-12-21T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-celadon-financial-group-llc-naked-short-selling-debate-2020/", "url": "https://marketmanipulation.org/cases/sec-celadon-financial-group-llc-naked-short-selling-debate-2020/", "external_url": "https://www.sec.gov/files/litigation/admin/2020/34-89404.pdf", "title": "SEC v. Celadon Financial Group LLC (naked short selling debate, 2020)", "summary": "In 2020, the Securities and Exchange Commission settled an action with Celadon Financial Group LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $125,000.", "date_published": "2020-07-27T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-bnp-paribas-securities-corp-naked-short-selling-debate-2020/", "url": "https://marketmanipulation.org/cases/sec-bnp-paribas-securities-corp-naked-short-selling-debate-2020/", "external_url": "https://www.sec.gov/files/litigation/admin/2020/34-89177.pdf", "title": "SEC v. BNP Paribas Securities Corp. (naked short selling debate, 2020)", "summary": "In 2020, the Securities and Exchange Commission settled an action with BNP Paribas Securities Corp., alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $250,000.", "date_published": "2020-06-29T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-biltmore-international-corporation-naked-short-selling-debate-2020/", "url": "https://marketmanipulation.org/cases/sec-biltmore-international-corporation-naked-short-selling-debate-2020/", "external_url": "https://www.sec.gov/files/litigation/admin/2020/34-88744.pdf", "title": "SEC v. Biltmore International Corporation (naked short selling debate, 2020)", "summary": "In 2020 the SEC settled an administrative order against Biltmore International Corporation for short sales without a locate under Regulation SHO and for failing to report suspicious activity, with a $125,000 penalty.", "date_published": "2020-04-24T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-bma-securities-llc-naked-short-selling-debate-2020/", "url": "https://marketmanipulation.org/cases/sec-bma-securities-llc-naked-short-selling-debate-2020/", "external_url": "https://www.sec.gov/files/litigation/admin/2020/34-88371.pdf", "title": "SEC v. BMA Securities, LLC (naked short selling debate, 2020)", "summary": "In March 2020, the Securities and Exchange Commission settled an action with BMA Securities, LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $275,000, disgorgement of $48,489 and prejudgment interest of $10,049.", "date_published": "2020-03-12T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-vandham-securities-corp-naked-short-selling-debate-2019/", "url": "https://marketmanipulation.org/cases/sec-vandham-securities-corp-naked-short-selling-debate-2019/", "external_url": "https://www.sec.gov/files/litigation/admin/2019/34-86970.pdf", "title": "SEC v. Vandham Securities Corp. (naked short selling debate, 2019)", "summary": "In 2019 the Securities and Exchange Commission settled an administrative proceeding with Vandham Securities Corp., finding that between 2016 and 2017 the broker-dealer sold shares of thinly traded, low-priced stocks for other broker-dealers while violating Regulation SHO's locate requirement on thousands of short sales, publishing quotations in breach of Rule 15c2-11, and failing to file suspicious activity reports. It was censured and agreed to a $200,000 civil penalty.", "date_published": "2019-09-16T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-ems-capital-lp-naked-short-selling-debate-2019/", "url": "https://marketmanipulation.org/cases/sec-ems-capital-lp-naked-short-selling-debate-2019/", "external_url": "https://www.sec.gov/files/litigation/admin/2019/34-86781.pdf", "title": "SEC v. EMS Capital LP (naked short selling debate, 2019)", "summary": "In August 2019, the Securities and Exchange Commission settled an action with EMS Capital LP, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $60,000, disgorgement of $229,374 and prejudgment interest of $28,041.", "date_published": "2019-08-27T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-sycamore-lane-partners-llc-naked-short-selling-debate-2018/", "url": "https://marketmanipulation.org/cases/sec-sycamore-lane-partners-llc-naked-short-selling-debate-2018/", "external_url": "https://www.sec.gov/files/litigation/admin/2018/34-83686.pdf", "title": "SEC v. Sycamore Lane Partners LLC (naked short selling debate, 2018)", "summary": "In 2018, the Securities and Exchange Commission settled an action with Sycamore Lane Partners LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $25,000, disgorgement of $100,429, prejudgment interest of $8,613.", "date_published": "2018-07-23T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-bayes-capital-llc-naked-short-selling-debate-2018/", "url": "https://marketmanipulation.org/cases/sec-bayes-capital-llc-naked-short-selling-debate-2018/", "external_url": "https://www.sec.gov/files/litigation/admin/2018/34-83556.pdf", "title": "SEC v. Bayes Capital, LLC (naked short selling debate, 2018)", "summary": "In 2018, the Securities and Exchange Commission settled an action with Bayes Capital, LLC, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $300,000.", "date_published": "2018-06-28T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-wilson-davis-company-inc-naked-short-selling-debate-2017/", "url": "https://marketmanipulation.org/cases/sec-wilson-davis-company-inc-naked-short-selling-debate-2017/", "external_url": "https://www.sec.gov/files/litigation/admin/2017/34-80533.pdf", "title": "SEC v. Wilson-Davis & Company, Inc. (naked short selling debate, 2017)", "summary": "In April 2017, the Securities and Exchange Commission settled an action with Wilson-Davis & Company, Inc., alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $75,000, disgorgement of $208,646 and prejudgment interest of $27,069.", "date_published": "2017-04-26T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-anthony-b-kerrigone-naked-short-selling-debate-2016/", "url": "https://marketmanipulation.org/cases/sec-anthony-b-kerrigone-naked-short-selling-debate-2016/", "external_url": "https://www.sec.gov/files/litigation/admin/2016/34-79579.pdf", "title": "SEC v. Anthony B. Kerrigone (naked short selling debate, 2016)", "summary": "In 2016, the Securities and Exchange Commission settled an action with Anthony B. Kerrigone, alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $50,000, disgorgement of $486,840, prejudgment interest of $63,161.", "date_published": "2016-12-16T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-byron-b-barkley-and-paul-n-davis-naked-short-selling-debate-2016/", "url": "https://marketmanipulation.org/cases/sec-byron-b-barkley-and-paul-n-davis-naked-short-selling-debate-2016/", "external_url": "https://www.sec.gov/files/litigation/admin/2016/34-79578.pdf", "title": "SEC v. Byron B. Barkley and Paul N. Davis (naked short selling debate, 2016)", "summary": "In December 2016 the Securities and Exchange Commission settled an administrative order with Byron Barkley and Paul Davis, supervisors at Wilson-Davis, over short sales made without a locate under a market-maker exception the firm did not qualify for. The combined relief is $67,710 disgorgement, $8,978 interest and $75,000 in penalties.", "date_published": "2016-12-16T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-wilson-davis-company-inc-naked-short-selling-debate-2016/", "url": "https://marketmanipulation.org/cases/sec-wilson-davis-company-inc-naked-short-selling-debate-2016/", "external_url": "https://www.sec.gov/files/litigation/admin/2016/34-79580.pdf", "title": "SEC v. Wilson-Davis & Company, Inc. (naked short selling debate, 2016)", "summary": "In December 2016 the SEC instituted proceedings against Utah broker-dealer Wilson-Davis & Company over short sales that relied on the market-maker exception to the locate requirement and over its market access controls. On April 26, 2017 the Commission accepted the firm's settlement offer: a censure, a cease-and-desist order, $208,645.71 in disgorgement, $27,068.79 in interest and a $75,000 penalty.", "date_published": "2016-12-16T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-delaney-naked-short-selling-debate-2016/", "url": "https://marketmanipulation.org/cases/sec-delaney-naked-short-selling-debate-2016/", "external_url": "https://www.sec.gov/files/alj/aljdec/2016/id976jsp.pdf", "title": "SEC v. Delaney and Yancey (naked short selling debate, 2016)", "summary": "In March 2016 an SEC administrative law judge denied Thomas R. Delaney II an award of legal fees under the Equal Access to Justice Act, in a Regulation SHO close-out matter in which he had been found liable for causing Penson's Rule 204 violations and the case against Charles W. Yancey was dismissed.", "date_published": "2016-03-07T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-goldman-and-sachs-co-naked-short-selling-debate-2016/", "url": "https://marketmanipulation.org/cases/sec-goldman-and-sachs-co-naked-short-selling-debate-2016/", "external_url": "https://www.sec.gov/files/litigation/admin/2016/34-76899.pdf", "title": "SEC v. Goldman, Sachs & Co. (naked short selling debate, 2016)", "summary": "In January 2016, the Securities and Exchange Commission settled an action with Goldman, Sachs & Co., alleging conduct this library classifies as naked short selling debate. The release records a civil penalty of $15,000,000.", "date_published": "2016-01-14T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-brian-david-hall-naked-short-selling-debate-2015/", "url": "https://marketmanipulation.org/cases/sec-brian-david-hall-naked-short-selling-debate-2015/", "external_url": "https://www.sec.gov/files/litigation/admin/2015/34-75939.pdf", "title": "SEC v. Brian David Hall (naked short selling debate, 2015)", "summary": "In 2015, the Securities and Exchange Commission settled an action with Brian David Hall, alleging conduct this library classifies as naked short selling debate. The release does not state a monetary figure that we were able to extract.", "date_published": "2015-09-17T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-rudolfo-delasierra-naked-short-selling-debate-2015/", "url": "https://marketmanipulation.org/cases/sec-rudolfo-delasierra-naked-short-selling-debate-2015/", "external_url": "https://www.sec.gov/files/litigation/admin/2015/34-75938.pdf", "title": "SEC v. Rudolfo DeLaSierra (naked short selling debate, 2015)", "summary": "In 2015, the Securities and Exchange Commission settled an action with Rudolfo DeLaSierra, alleging conduct this library classifies as naked short selling debate. The release does not state a monetary figure that we were able to extract.", "date_published": "2015-09-17T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] }, { "id": "https://marketmanipulation.org/cases/sec-merrill-lynch-naked-short-selling-debate-2015/", "url": "https://marketmanipulation.org/cases/sec-merrill-lynch-naked-short-selling-debate-2015/", "external_url": "https://www.sec.gov/files/litigation/admin/2015/34-75083.pdf", "title": "SEC v. Merrill Lynch (naked short selling debate, 2015)", "summary": "In June 2015 the Securities and Exchange Commission settled an administrative order with two Merrill Lynch entities, in which Merrill admitted that it broke the locate rule (Regulation SHO Rule 203(b)) by executing short sales on the strength of stale or unreliable easy-to-borrow lists. The order requires a $9 million penalty, $1,566,246 disgorgement and $334,565 interest.", "date_published": "2015-06-01T00:00:00.000Z", "tags": [ "SEC", "naked-short-selling-debate" ] } ] }