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Securities and Exchange Commission v. Lek Securities Corporation et al
Case Number:
1:17-cv-01789
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February 10, 2021
Traders' Fine Upped To $7.5M Following High Court Precedent
A New York federal judge has sided with the U.S. Securities and Exchange Commission and increased the civil penalties against two traders and their firm who were previously convicted for defrauding investors to $7.5 million from $5 million following a separate but precedential decision in the U.S. Supreme Court last summer.
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March 23, 2020
Trader Pals Will Pay $4.6M For $28M 'Layering' Fraud
Two traders and their firm have agreed to together pay more than $4.6 million after a federal jury in New York determined they defrauded investors in what the U.S. Securities and Exchange Commission called a "layering" market-manipulation scheme and a parade of "outright lies" that raked in $28 million.
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December 19, 2019
The Biggest Securities Cases Of 2019
From a Supreme Court ruling broadening the scope of liability in spreading false information, to a circuit court ruling on corporate codes of conduct, the federal courts reshaped securities litigation and regulation in 2019. Here, Law360 highlights some of the biggest decisions and developments affecting securities law this past year.
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November 12, 2019
SEC Wins 'Layering' Fraud Case Against Best Friends
A Manhattan federal jury on Tuesday found that day-trading firm Avalon FA Ltd. and two lifelong friends defrauded investors in what the SEC called a market manipulation scheme and a parade of "outright lies" that raked in $28 million.
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November 07, 2019
Jury Mulls SEC's $28M Fraud Case Against Best Friends
A Manhattan jury on Thursday began deliberating claims against two lifelong friends accused by the U.S. Securities and Exchange Commission of earning $28 million through market trickery and a parade of "outright lies" — allegations the defendants say are bogus.
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October 21, 2019
Broker To Blame, Best Friends Tell Jury At $28M SEC Trial
Two lifelong friends accused by the U.S. Securities and Exchange Commission of earning $28 million through market trickery at their day-trading firm told a Manhattan jury Monday that a broker who has already coughed up $2 million to regulators is to blame.
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October 02, 2019
Lek Securities, CEO To Pay $2M To End SEC 'Layering' Suit
Lek Securities Corp. and its top executive settled claims brought by the U.S. Securities and Exchange Commission that they helped a Ukrainian trader manipulate the market over a three-year period, according to two consent judgments filed in New York federal court.
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September 16, 2019
Ukrainian Trading Firm Says SEC Can't Win Lek 'Layering' Suit
Regulators' expert witnesses haven't shown that market forces weren't behind the price movements cited in a market manipulation suit against Lek Securities Corp. and a Ukrainian trading firm, the foreign trader is arguing ahead of a scheduled Oct. 21 trial in New York federal court.
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May 08, 2019
Lek Can't Bring Back Experts In SEC's 'Layering' Suit
Lek Securities Corp. cannot resurrect excluded expert testimony in its defense against the U.S. Securities and Exchange Commission's allegations that it helped a foreign trader manipulate the market, but one of its experts can add new information, a New York federal judge ruled in two separate orders Wednesday.
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May 01, 2019
SEC Says Expert Was Rightly Excluded From 'Layering' Suit
The U.S. Securities and Exchange Commission pushed a New York federal court to stick to its decision to exclude expert testimony in the agency's suit accusing Lek Securities Corp. of helping a foreign trader manipulate the market through a practice known as "layering."