{ "version": "https://jsonfeed.org/version/1.1", "title": "Market Manipulation: Sham tender offers enforcement actions", "home_page_url": "https://marketmanipulation.org/cases/technique/sham-tender-offers/", "feed_url": "https://marketmanipulation.org/feeds/technique/sham-tender-offers.json", "description": "The 14 most recent enforcement records tagged sham tender offers 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-esmark-inc-and-james-p-bouchard-sham-tender-offers-2024/", "url": "https://marketmanipulation.org/cases/sec-esmark-inc-and-james-p-bouchard-sham-tender-offers-2024/", "external_url": "https://www.sec.gov/files/litigation/admin/2024/34-100957.pdf", "title": "SEC v. Esmark Inc. and James P. Bouchard (sham tender offers, 2024)", "summary": "In September 2024 the SEC settled with Esmark and its chairman James Bouchard for announcing an all-cash $35-a-share offer for U.S. Steel in August 2023 without a reasonable belief that they could fund the $7.8 billion cost. Esmark agreed to a $500,000 penalty and Bouchard $100,000.", "date_published": "2024-09-06T00:00:00.000Z", "tags": [ "SEC", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-melville-peter-ten-cate-sham-tender-offers-2023/", "url": "https://marketmanipulation.org/cases/sec-melville-peter-ten-cate-sham-tender-offers-2023/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25604", "title": "SEC v. Melville Peter ten Cate (sham tender offers, 2023)", "summary": "In 2023, the Securities and Exchange Commission obtained a judgment against Melville Peter ten Cate, alleging conduct this library classifies as sham tender offers. The release records a civil penalty of $500,000. A parallel criminal matter is referenced in the release.", "date_published": "2023-01-03T00:00:00.000Z", "tags": [ "SEC", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-lee-simmons-price-manipulation-2022/", "url": "https://marketmanipulation.org/cases/sec-lee-simmons-price-manipulation-2022/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25478", "title": "SEC v. Lee Simmons (price manipulation, 2022)", "summary": "In August 2022 the SEC sued Lee Simmons over alleged fake tender offers and EDGAR filings that moved target stock prices. A final judgment entered in the Southern District of New York around May 15, 2023 orders disgorgement of $24,104, interest of $2,863.36 and a civil penalty of $223,229. It also imposes injunctions and an officer-and-director bar.", "date_published": "2022-08-19T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "price-manipulation", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-edgar-m-radjabli-et-al-sham-tender-offers-2021/", "url": "https://marketmanipulation.org/cases/sec-edgar-m-radjabli-et-al-sham-tender-offers-2021/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25115", "title": "SEC v. Edgar M. Radjabli, Apis Capital Management LLC and My Loan Doctor LLC (sham tender offers, 2021)", "summary": "In 2021, the Securities and Exchange Commission settled an action with Edgar M. Radjabli, Apis Capital Management LLC and My Loan Doctor LLC, alleging conduct this library classifies as sham tender offers. The release records a civil penalty of $419,330, disgorgement of $162,800, prejudgment interest of $17,870.", "date_published": "2021-06-11T00:00:00.000Z", "tags": [ "SEC", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-ptg-capital-partners-ltd-sham-tender-offers-2020/", "url": "https://marketmanipulation.org/cases/sec-ptg-capital-partners-ltd-sham-tender-offers-2020/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-24766", "title": "SEC v. PTG Capital Partners, Ltd. (sham tender offers, 2020)", "summary": "In March 2020 the SEC reported that a federal court had approved settlements with Strategic Capital Partners Muster Limited and Strategic Wealth Investments, Inc. and entered a default judgment against Nedko Nedev in the case over false EDGAR tender offers for Avon, Tower Group and Rocky Mountain Chocolate Factory stock. Penalties total $1,470,000 and disgorgement with interest about $31,270. The SEC dismissed PTG Capital Partners and PST Capital Group as fictitious entities.", "date_published": "2020-03-11T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-mark-e-burns-price-manipulation-2019/", "url": "https://marketmanipulation.org/cases/sec-mark-e-burns-price-manipulation-2019/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-24557", "title": "SEC v. Mark E. Burns (price manipulation, 2019)", "summary": "In 2019, the Securities and Exchange Commission obtained a judgment against Mark E. Burns, alleging conduct this library classifies as edgar filing fraud, price manipulation and sham tender offers. The release records a civil penalty of $60,000, disgorgement of $13,886. A parallel criminal matter is referenced in the release.", "date_published": "2019-08-12T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "price-manipulation", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-mark-e-burns-robert-w-murray-price-manipulation-2018/", "url": "https://marketmanipulation.org/cases/sec-mark-e-burns-robert-w-murray-price-manipulation-2018/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-24204", "title": "SEC v. Mark E. Burns, Robert W. Murray (price manipulation, 2018)", "summary": "In July 2018 the SEC filed fraud charges against Mark E. Burns, the second defendant in a scheme to manipulate Fitbit's stock price with a fake tender offer filed on EDGAR in the name of a nonexistent company, ABM Capital LTD, on November 9, 2016, after buying call options. Robert Murray had been charged in 2017 and sentenced to prison in a parallel case. The charges are allegations.", "date_published": "2018-07-17T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "price-manipulation", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-nauman-a-aly-sham-tender-offers-2018/", "url": "https://marketmanipulation.org/cases/sec-nauman-a-aly-sham-tender-offers-2018/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-24086", "title": "SEC v. Nauman A. Aly (sham tender offers, 2018)", "summary": "In March 2018 the SEC reported that a federal judge had granted it summary judgment against Pakistan-based trader Nauman A. Aly, who the SEC alleged made $425,000 by filing a false tender offer for Integrated Device Technology on EDGAR. The court found the filing materially false, the conduct a fraudulent scheme and Aly's scienter established; remedies were not stated in the release.", "date_published": "2018-03-28T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-robert-w-murray-sham-tender-offers-2018/", "url": "https://marketmanipulation.org/cases/sec-robert-w-murray-sham-tender-offers-2018/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-24075", "title": "SEC v. Robert W. Murray (sham tender offers, 2018)", "summary": "In March 2018 the SEC reported that Robert W. Murray, sued in May 2017 over a fake EDGAR tender offer for Fitbit that he used to profit about $3,100 on call options, had been sentenced to two years in prison after pleading guilty. The SEC's civil case was stayed, and a consent final judgment was filed on August 13, 2018.", "date_published": "2018-03-22T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-robert-w-murray-sham-tender-offers-2017/", "url": "https://marketmanipulation.org/cases/sec-robert-w-murray-sham-tender-offers-2017/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-23983", "title": "SEC v. Robert W. Murray (sham tender offers, 2017)", "summary": "In November 2017 the SEC reported that Robert W. Murray pleaded guilty to securities fraud after the SEC sued him over a fake EDGAR tender offer for Fitbit that he used to trade call options for about $3,100. A consent final judgment in the SEC case was filed on August 13, 2018.", "date_published": "2017-11-09T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-robert-w-murray-price-manipulation-2017/", "url": "https://marketmanipulation.org/cases/sec-robert-w-murray-price-manipulation-2017/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-23836", "title": "SEC v. Robert W. Murray (price manipulation, 2017)", "summary": "In May 2017 the SEC charged Virginia engineer Robert W. Murray with manipulating Fitbit's stock through a fake EDGAR tender offer made in the name of ABM Capital LTD, after he bought call options and made about $3,100. He pleaded guilty in a parallel criminal case and was sentenced to two years in prison in March 2018. In July 2018 the SEC said he had agreed to settle its charges, subject to court approval.", "date_published": "2017-05-19T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "price-manipulation", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-ptg-capital-partners-ltd-et-al-sham-tender-offers-2016/", "url": "https://marketmanipulation.org/cases/sec-ptg-capital-partners-ltd-et-al-sham-tender-offers-2016/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-23486", "title": "SEC v. PTG Capital Partners LTD, et al. (sham tender offers, 2016)", "summary": "In 2015 and 2016 the SEC pursued PTG Capital Partners, Nedko Nedev and related companies over false tender offers filed on EDGAR to move stock prices. On March 2, 2020 a New York federal court entered settled judgments against two companies and a default judgment against Nedev, with $1.47 million in penalties; the SEC dismissed the two other entities.", "date_published": "2016-03-11T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-ptg-capital-partners-ltd-et-al-sham-tender-offers-2015/", "url": "https://marketmanipulation.org/cases/sec-ptg-capital-partners-ltd-et-al-sham-tender-offers-2015/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-23301", "title": "SEC v. PTG Capital Partners LTD, et al. (sham tender offers, 2015)", "summary": "The SEC's June 2015 case over false tender offers filed on EDGAR for Avon, Tower Group and Rocky Mountain Chocolate ended on 2 March 2020 in the Southern District of New York. Two entities settled and Nedko Nedev took a default judgment. Penalties total $1,470,000, with $30,479 in disgorgement and $789.44 in interest, and the SEC dropped the two named shell entities as fictitious.", "date_published": "2015-07-10T00:00:00.000Z", "tags": [ "SEC", "edgar-filing-fraud", "sham-tender-offers" ] }, { "id": "https://marketmanipulation.org/cases/sec-luis-chang-sham-tender-offers-2015/", "url": "https://marketmanipulation.org/cases/sec-luis-chang-sham-tender-offers-2015/", "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-23270", "title": "SEC v. Luis Chang and Everbright Development Overseas, Limited (sham tender offers, 2015)", "summary": "In 2015, the Securities and Exchange Commission obtained a judgment against Luis Chang and Everbright Development Overseas, Limited, alleging conduct this library classifies as sham tender offers. The release records a civil penalty of $2.9 million, disgorgement of $2.9 million, prejudgment interest of $94,569.", "date_published": "2015-05-28T00:00:00.000Z", "tags": [ "SEC", "sham-tender-offers" ] } ] }