Defendant Name:
Medallion Financial Corp.
Defendant Type:
Public Company
SIC Code:
6159
CUSIP:
58392810
Initial Case Details
Legal Case Name
SEC v. Medallion Financial Corp., Andrew Murstein, Lawrence Meyers, and Ichabod's Cranium, Inc.
First Document Date
29-Dec-2021
Initial Filing Format
Civil Proceeding
Case Number
21-cv-11125
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
New York, Southern District of New York
Violations Alleged
•
Sec 17(a) (Not specified)
•
Section 17(b) Securities Act
Additionally,
Andrew Murstein is alleged to have aided and abetted Medallion Financial Corp.'s violation of Rule 12b-20 of the Exchange Act.
Andrew Murstein is alleged to have aided and abetted Medallion Financial Corp.'s violation of Sec 13(a) of the Exchange Act.
Andrew Murstein is alleged to have aided and abetted Medallion Financial Corp.'s violation of Rule 13a-1 of the Exchange Act.
Andrew Murstein is alleged to have aided and abetted Medallion Financial Corp.'s violation of Rule 13a-11 of the Exchange Act.
Andrew Murstein is alleged to have aided and abetted Medallion Financial Corp.'s violation of Rule 13a-13 of the Exchange Act.
Andrew Murstein is alleged to have aided and abetted Medallion Financial Corp.'s violation of Sec 13(b)(2)(A) of the Exchange Act.
Andrew Murstein is alleged to have aided and abetted Medallion Financial Corp.'s violation of Sec 13(b)(2)(B) of the Exchange Act.
Related Violations Alleged
Medallion Financial Corp. is alleged to have aided and abetted an unidentified individual or entity's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Medallion Financial Corp. is alleged to have aided and abetted
Lawrence Meyers's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Medallion Financial Corp. is alleged to have aided and abetted
Ichabod's Cranium, Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Medallion Financial Corp. is alleged to have aided and abetted an unidentified individual or entity's violation of Section 17(b) Securities Act.
Medallion Financial Corp. is alleged to have aided and abetted
Lawrence Meyers's violation of Section 17(b) Securities Act.
Medallion Financial Corp. is alleged to have aided and abetted
Ichabod's Cranium, Inc.'s violation of Section 17(b) Securities Act.
Resolutions
First Resolution Date
29-May-2025
Headline Total Penalty and Disgorgement
See Related Documents
Related Documents:
Complaint
The SEC stated: "From late 2014 through 2017, Murstein--Medallion Financial's President and
Chief Operating Officer--perpetuated two fraudulent schemes intended to boost Medallion Financial's sinking stock price."
SEC Charges Financial Company and Its President with Engaging in Fraudulent Schemes to Boost Stock Price
The SEC stated that: "[It] charged Medallion Financial Corp., a
Delaware company headquartered in New York, NY, and its President and Chief
Operating Officer, Andrew Murstein of New York, NY, with illegally engaging in two
schemes in an effort to reverse the company's plummeting stock price."
2021-269
29-Dec-2021
Press Release--Civil Action
SEC Charges Financial Company and Its President with Engaging in Fraudulent Schemes to Boost Stock Price
The SEC stated that: "[It] charged Medallion
Financial Corp., a Delaware company headquartered in New York, NY, and its President and Chief Operating
Officer, Andrew Murstein of New York, NY, with illegally engaging in two schemes in an effort to reverse the
company’s plummeting stock price."
Amended Compliant
The Commission stated: "From late 2014 through 2017, Murstein - Medallion Financial's President and Chief Operating Officer - perpetrated two fraudulent schemes intended to boost Medallion Financial's sinking stock price."
Final Judgement as to Defendants Medallion Financial Corp. and Andrew Murstein
On May 30, 2025, the Court issued a final judgment against defendants Medallion Financial Corp. and Andrew Murstein, stating: "The Securities and Exchange Commission (“SEC”) having filed an Amended Complaint
and Defendants Medallion Financial Corp. (“Medallion”) and Andrew Murstein (“Murstein”)
(together, “Defendants”) having entered general appearances; consented to the Court’s
jurisdiction over Defendants and the subject matter of this action; consented to entry of this Final
Judgment without admitting or denying the allegations of the Amended Complaint (except as to
jurisdiction and except as otherwise provided herein in paragraph XI); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."
SEC Obtains Final Judgments Against Participants in Schemesto Boost Financial Company’s Stock Price
On June 6, 2025, the SEC stated that: "the U.S. District Court for the Southern District of New York entered final consent judgments against Medallion Financial Corp. and its President, Andrew Murstein, as well as Lawrence Meyers and his company, Ichabod’s Cranium, Inc."
Other Defendants in Action:
