SEC marks progress in case against $2.4M unauthorized trading scheme
The United States Securities and Exchange Commission (SEC) has marked progress in its case targeting the individuals behind a $2.4 million unauthorized trading scheme.
On August 17, 2021, the regulator submitted a letter at the New York Eastern District Court. In the letter, seen by FX News Group, the SEC seeks approval of a proposed partial consent judgment as to Defendant Jonah Engler a/k/a Jonah Engler-Silberman. If approved, the proposed judgment would resolve the issues of Engler’s liability and non-monetary relief.
Let’s recall that, in March 2020, the Commission filed its Complaint, alleging that Engler directed a fraudulent unauthorized trading scheme from April 1, 2015 through June 4, 2015 that generated over $2.4 million in unlawful commissions, from which he received at least $1.1 million. The Complaint alleges that Engler thereby violated the Securities Act of 1933.
As to Engler, the Complaint seeks permanent injunctions as to future violations of the Relevant Securities Laws, disgorgement of ill-gotten gains with prejudgment interest, and civil money penalties.
The SEC finds the proposed consent judgment is fair and reasonable and does not disserve the public interes. The proposed judgment would resolve the issues of Engler’s liability and the Commission’s claims for non-monetary relief against him.
Specifically, the judgment would permanently enjoin Engler from committing violations of the Relevant Securities Laws. The consent judgment would leave open for the Court’s resolution the issue of how much disgorgement, prejudgment interest, and civil penalties Engler should pay, if any.
The Court should approve the proposed consent judgment, the SEC says.