{
  "version": "https://jsonfeed.org/version/1.1",
  "title": "Market Manipulation: Unregistered distributions enforcement actions",
  "home_page_url": "https://marketmanipulation.org/cases/technique/unregistered-distributions/",
  "feed_url": "https://marketmanipulation.org/feeds/technique/unregistered-distributions.json",
  "description": "The 30 most recent enforcement records tagged unregistered distributions 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-zachary-miller-unregistered-distributions-2026/",
      "url": "https://marketmanipulation.org/cases/sec-zachary-miller-unregistered-distributions-2026/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2026/33-11409.pdf",
      "title": "SEC v. Zachary Miller (unregistered distributions, 2026)",
      "summary": "In 2026, the Securities and Exchange Commission settled an action with Zachary Miller, alleging conduct this library classifies as unregistered distributions. The release records disgorgement of $612,417, prejudgment interest of $119,204.",
      "date_published": "2026-03-05T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-david-hudzik-unregistered-distributions-2025/",
      "url": "https://marketmanipulation.org/cases/sec-david-hudzik-unregistered-distributions-2025/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26455",
      "title": "SEC v. David Hudzik (unregistered distributions, 2025)",
      "summary": "In 2025 a federal court entered a consent judgment against David Hudzik, an unregistered broker accused of selling unregistered Native American Energy Group shares, with $70,000 disgorgement, $17,472 interest and a $70,000 penalty.",
      "date_published": "2025-12-23T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-ongkaruck-sripetch-et-al-pump-and-dump-2025/",
      "url": "https://marketmanipulation.org/cases/sec-ongkaruck-sripetch-et-al-pump-and-dump-2025/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26332",
      "title": "SEC v. Ongkaruck Sripetch and others (pump and dump, 2025)",
      "summary": "In June 2025 the Securities and Exchange Commission announced that, with a May 2025 judgment against Brehnen Knight, it had final judgments against all seven individual defendants in its Southern District of California case over pump-and-dump schemes in at least 20 stocks between 2013 and 2017. The judgments total about $3.76 million in disgorgement, $1.59 million in interest and $203,750 in penalties, with penny stock bars; claims against the corporate defendants were voluntarily dismissed except ATG Inc., which was enjoined. Sripetch has appealed his disgorgement.",
      "date_published": "2025-06-20T00:00:00.000Z",
      "tags": [
        "SEC",
        "pump-and-dump",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-peter-scalise-iii-unregistered-distributions-2025/",
      "url": "https://marketmanipulation.org/cases/sec-peter-scalise-iii-unregistered-distributions-2025/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26328",
      "title": "SEC v. Peter Scalise III and The3rdBevco Inc. (unregistered distributions, 2025)",
      "summary": "In 2025 the SEC charged Peter Scalise III and The3rdBevco Inc. with an offering fraud and unregistered sales, and announced a consent judgment of $856,461 disgorgement, $34,677 interest and a $236,451 penalty on Scalise, subject to court approval.",
      "date_published": "2025-06-17T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-investview-inc-unregistered-distributions-2025/",
      "url": "https://marketmanipulation.org/cases/sec-investview-inc-unregistered-distributions-2025/",
      "external_url": "https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-11355-s",
      "title": "SEC v. Investview, Inc. (unregistered distributions, 2025)",
      "summary": "In 2025 the SEC settled an administrative order against Investview, Inc. for unregistered sales of over $21 million of interests in a bitcoin mining program, with a $375,000 civil penalty.",
      "date_published": "2025-01-17T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-tai-mo-shan-limited-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-tai-mo-shan-limited-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2024/33-11349.pdf",
      "title": "SEC v. Tai Mo Shan Limited (unregistered distributions, 2024)",
      "summary": "In 2024, the Securities and Exchange Commission settled an action with Tai Mo Shan Limited, alleging conduct this library classifies as unregistered distributions. The release records a civil penalty of $36.7 million, disgorgement of $73.5 million, prejudgment interest of $12.9 million.",
      "date_published": "2024-12-20T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-david-c-underwood-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-david-c-underwood-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2024/33-11336.pdf",
      "title": "SEC v. David C. Underwood (unregistered distributions, 2024)",
      "summary": "In 2024 the SEC settled an administrative order against David C. Underwood for his part in unregistered Heartland oil and gas offerings, with $145,972 disgorgement, $25,716 interest and a $50,000 penalty.",
      "date_published": "2024-12-09T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-marc-j-toomey-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-marc-j-toomey-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2024/33-11335.pdf",
      "title": "SEC v. Marc J. Toomey (unregistered distributions, 2024)",
      "summary": "In 2024 the SEC settled an administrative order against Marc J. Toomey for selling unregistered Heartland oil and gas securities, with $186,580 disgorgement, $26,086 interest and a $50,000 penalty.",
      "date_published": "2024-12-09T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-stephen-r-bishop-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-stephen-r-bishop-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2024/33-11334.pdf",
      "title": "SEC v. Stephen R. Bishop (unregistered distributions, 2024)",
      "summary": "In 2024 the SEC settled an administrative order against Stephen R. Bishop for selling unregistered Heartland debt fund securities, with $473,158 disgorgement and $85,542 interest, all but $72,000 waived for inability to pay.",
      "date_published": "2024-12-09T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-mango-labs-llc-mango-dao-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-mango-labs-llc-mango-dao-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26140",
      "title": "SEC v. Mango Labs, LLC, Mango DAO, and Blockworks Foundation (unregistered distributions, 2024)",
      "summary": "In September 2024 the SEC charged Mango Labs, Mango DAO and Blockworks Foundation over unregistered sales of MNGO tokens and unregistered brokering, and announced settlements totalling nearly $700,000 in penalties, subject to court approval.",
      "date_published": "2024-09-27T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-discala-et-al-pump-and-dump-2024/",
      "url": "https://marketmanipulation.org/cases/sec-discala-et-al-pump-and-dump-2024/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26115",
      "title": "SEC v. Abraxas J. DiScala (pump and dump, 2024)",
      "summary": "In September 2024 the Securities and Exchange Commission announced a September 13 final consent judgment in the Eastern District of New York against Abraxas J. DiScala, the eighth and last defendant in the CodeSmart case, enjoining him, barring him from penny stock offerings and from serving as an officer or director, and ordering over $2.4 million in disgorgement and interest that is deemed satisfied by a criminal restitution order.",
      "date_published": "2024-09-20T00:00:00.000Z",
      "tags": [
        "SEC",
        "pump-and-dump",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-rari-capital-infrastructure-llc-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-rari-capital-infrastructure-llc-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2024/33-11306.pdf",
      "title": "SEC v. Rari Capital Infrastructure LLC (unregistered distributions, 2024)",
      "summary": "In 2024, the Securities and Exchange Commission settled an action with Rari Capital Infrastructure LLC, alleging conduct this library classifies as unregistered distributions. The release does not state a monetary figure that we were able to extract.",
      "date_published": "2024-09-18T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-flyfish-club-llc-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-flyfish-club-llc-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-11305-s",
      "title": "SEC v. Flyfish Club, LLC (unregistered distributions, 2024)",
      "summary": "In 2024 the SEC settled an administrative order against Flyfish Club, LLC for conducting an unregistered offering of NFTs, with a $750,000 civil penalty.",
      "date_published": "2024-09-16T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-nutra-pharma-corporation-et-al-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-nutra-pharma-corporation-et-al-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26088",
      "title": "SEC v. Nutra Pharma Corporation, et al. (unregistered distributions, 2024)",
      "summary": "In August 2024 a federal court entered final judgment against Nutra Pharma Corp. for Section 5 and reporting violations, ordering $520,940 disgorgement, $59,295 interest and a $100,000 penalty.",
      "date_published": "2024-08-30T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-nutra-pharma-corp-et-al-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-nutra-pharma-corp-et-al-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26007",
      "title": "SEC v. Nutra Pharma Corp. et al (unregistered distributions, 2024)",
      "summary": "In May 2024 final consent judgments were entered against Nutra Pharma CEO Rik Deitsch and consultant Sean McManus; Deitsch owes $44,046 disgorgement, $5,013 interest and a $30,000 penalty.",
      "date_published": "2024-05-15T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-tradestation-crypto-inc-unregistered-distributions-2024/",
      "url": "https://marketmanipulation.org/cases/sec-tradestation-crypto-inc-unregistered-distributions-2024/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2024/33-11269.pdf",
      "title": "SEC v. TradeStation Crypto, Inc. (unregistered distributions, 2024)",
      "summary": "In 2024, the Securities and Exchange Commission settled an action with TradeStation Crypto, Inc., alleging conduct this library classifies as unregistered distributions. The release records a civil penalty of $1.5 million.",
      "date_published": "2024-02-07T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-carnovale-et-al-undisclosed-control-blocks-2024/",
      "url": "https://marketmanipulation.org/cases/sec-carnovale-et-al-undisclosed-control-blocks-2024/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25919",
      "title": "SEC v. Carnovale, et al. (undisclosed control blocks, 2024)",
      "summary": "In 2024, the Securities and Exchange Commission obtained a judgment against Carnovale, et al., alleging conduct this library classifies as undisclosed control blocks and unregistered distributions.",
      "date_published": "2024-01-03T00:00:00.000Z",
      "tags": [
        "SEC",
        "undisclosed-control-blocks",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-barnbridge-dao-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-barnbridge-dao-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11262.pdf",
      "title": "SEC v. BarnBridge DAO (unregistered distributions, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission settled an action with BarnBridge DAO, alleging conduct this library classifies as chat group pumps. The release does not state a monetary figure that we were able to extract.",
      "date_published": "2023-12-22T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-tyler-ward-and-troy-murray-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-tyler-ward-and-troy-murray-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11261.pdf",
      "title": "SEC v. Tyler Ward and Troy Murray (unregistered distributions, 2023)",
      "summary": "In December 2023 the SEC settled an administrative order against Tyler Ward and Troy Murray for the unregistered sale of $509 million of BarnBridge SMART Yield bonds, with a $125,000 penalty each.",
      "date_published": "2023-12-22T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-lr-25897-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-lr-25897-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25897",
      "title": "SEC v. Nadim Ahmed et al. (unregistered distributions, 2023)",
      "summary": "In November 2023 the SEC charged New York businessman Nadim Ahmed, immigration attorney Mehreen Shah and their companies over fraud and unregistered sales in EB-5 offerings that raised over $66 million.",
      "date_published": "2023-11-21T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-bruce-schoengood-medifirst-solutions-inc-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-bruce-schoengood-medifirst-solutions-inc-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25886",
      "title": "SEC v. Bruce Schoengood, Medifirst Solutions, Inc., and Joshua Tyrell (unregistered distributions, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission published a release announcing it had obtained a final judgment against Medifirst Solutions, Inc., an issuer charged with a fraudulent scheme to evade registration requirements through shares issued to a stock promoter. The judgment enjoins the company from antifraud and Section 5 violations; no money is recorded. This library classifies the conduct as unregistered distributions. A parallel criminal matter is referenced in the release.",
      "date_published": "2023-10-27T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-william-b-mchenry-jr-and-first-south-investments-llc-ponzi-schemes-2023/",
      "url": "https://marketmanipulation.org/cases/sec-william-b-mchenry-jr-and-first-south-investments-llc-ponzi-schemes-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/34-98520.pdf",
      "title": "SEC v. William B. McHenry, Jr. and First South Investments, LLC (ponzi schemes, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission obtained a judgment against William B. McHenry, Jr. and First South Investments, LLC, alleging conduct this library classifies as ponzi schemes and unregistered distributions. The release does not state a monetary figure that we were able to extract.",
      "date_published": "2023-09-26T00:00:00.000Z",
      "tags": [
        "SEC",
        "ponzi-schemes",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-ggtoor-inc-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-ggtoor-inc-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11236.pdf",
      "title": "SEC v. GGToor, Inc. (unregistered distributions, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission settled an action with GGToor, Inc., alleging conduct this library classifies as unregistered distributions. The release records a civil penalty of $40,000.",
      "date_published": "2023-09-18T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-stoner-cats-2-llc-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-stoner-cats-2-llc-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11233.pdf",
      "title": "SEC v. Stoner Cats 2, LLC (unregistered distributions, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission settled an action with Stoner Cats 2, LLC, alleging conduct this library classifies as unregistered distributions. The release records a civil penalty of $1 million.",
      "date_published": "2023-09-13T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-linus-financial-inc-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-linus-financial-inc-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11229.pdf",
      "title": "SEC v. Linus Financial, Inc. (unregistered distributions, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission settled an action with Linus Financial, Inc., alleging conduct this library classifies as unregistered distributions. The release does not state a monetary figure that we were able to extract.",
      "date_published": "2023-09-07T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-impact-theory-llc-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-impact-theory-llc-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11226.pdf",
      "title": "SEC v. Impact Theory, LLC (unregistered distributions, 2023)",
      "summary": "In 2023 the SEC settled an administrative order against Impact Theory, LLC for an unregistered NFT offering that raised about $29.9 million, with $5,120,718 disgorgement, $483,196 interest and a $500,000 penalty.",
      "date_published": "2023-08-28T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-quantstamp-inc-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-quantstamp-inc-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11215.pdf",
      "title": "SEC v. Quantstamp, Inc. (unregistered distributions, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission settled an action with Quantstamp, Inc., alleging conduct this library classifies as unregistered distributions. The release records a civil penalty of $1 million, disgorgement of $2.0 million, prejudgment interest of $494,314.",
      "date_published": "2023-07-21T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-green-stream-holdings-inc-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-green-stream-holdings-inc-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11192.pdf",
      "title": "SEC v. Green Stream Holdings, Inc. (unregistered distributions, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission settled an action with Green Stream Holdings, Inc., alleging conduct this library classifies as unregistered distributions. The release records a civil penalty of $75,000.",
      "date_published": "2023-05-16T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-livewire-ergogenics-inc-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-livewire-ergogenics-inc-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11185.pdf",
      "title": "SEC v. LiveWire Ergogenics, Inc. (unregistered distributions, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission settled an action with LiveWire Ergogenics, Inc., alleging conduct this library classifies as unregistered distributions. The release records a civil penalty of $50,000.",
      "date_published": "2023-05-16T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    },
    {
      "id": "https://marketmanipulation.org/cases/sec-principal-solar-inc-unregistered-distributions-2023/",
      "url": "https://marketmanipulation.org/cases/sec-principal-solar-inc-unregistered-distributions-2023/",
      "external_url": "https://www.sec.gov/files/litigation/admin/2023/33-11187.pdf",
      "title": "SEC v. Principal Solar, Inc. (unregistered distributions, 2023)",
      "summary": "In 2023, the Securities and Exchange Commission settled an action with Principal Solar, Inc., alleging conduct this library classifies as unregistered distributions. The release records a civil penalty of $40,000.",
      "date_published": "2023-05-16T00:00:00.000Z",
      "tags": [
        "SEC",
        "unregistered-distributions"
      ]
    }
  ]
}