- $880,000
Defendants were charged with manipulating the market for the stock of Evans Systems, Inc., a Texas corporation. To that end, they allegedly made use of “wash sales” (trades with no change in beneficial ownership) and “matched orders” (orders placed for the purchase or sale of a security that are entered with the knowledge that corresponding orders of substantially the same size, at substantially the same time and price, have been or will be entered) between August 1998 and April 1999. The SEC won summary judgment against Ballow, who was found to have executed at least eight such fraudulent trades.
