Trader Pals Will Pay $4.6M For $28M 'Layering' Fraud
Law360 (March 23, 2020, 3:15 PM EDT) -- 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.
Under the terms of a Friday order and opinion by U.S. District Judge Denise L. Cote that granted in part the regulator’s motion for remedies in the matter, day-trading firm Avalon FA Ltd.; the firm’s leader, Nathan Fayyer; and his friend, Sergey Pustelnik, will together pay $4,495,564 in disgorgement and $131,750 in prejudgment...
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