Defendant Name:
Medallion Financial Corp.
Defendant Type:
Public Company
Document Reference:
court_doc124_21-cv-11125
Document Details
Legal Case Name
SEC v. Medallion Financial Corp., Andrew Murstein, Lawrence Meyers, and Ichabod's Cranium, Inc.
Document Name
Final Judgement as to Defendants Medallion Financial Corp. and Andrew Murstein
Document Date
29-May-2025
Document Format
Civil Proceeding
Case Number
21-cv-11125
Federal District Court
New York, Southern District of New York
Federal District Judge
Lewis A. Kaplan
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Enjoinment
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Monetary Penalties:
Civil Penalty
Individual:
$3,000,000.00
Shared:
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."
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:
