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

Exchange Act
• Sec 10(b) + Rule 10b-5
• Rule 12b-20
• Sec 13(a)
• Rule 13a-1
• Rule 13a-11
• Rule 13a-13
• Sec 13(b)(2)(A)
• Sec 13(b)(2)(B)
Securities Act
• Sec 17(a) (Not specified)
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

Related Documents:

comp25297 29-Dec-2021 Complaint
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."
LR-25297 29-Dec-2021 Litigation Release
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."
court_doc46_21-cv-11125 26-Apr-2022 Complaint
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."

Other Defendants in Action:

Andrew Murstein
Lawrence Meyers
Ichabod's Cranium, Inc.