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Ukrainian Firm, Principals Owe $19.6 Million After Jury Verdict

April 15, 2020, 6:40 PM

A Kyiv-based trading firm and two men associated with it must pay the SEC more than $19.6 million after a jury unanimously sided with the agency in a trade manipulation case, a New York federal judge said.

Avalon FA Ltd., owner Nathan Fayyer, and undisclosed control person Sergey Pustelnik lost their fight against the Securities and Exchange Commission allegations in November. Now they owe the agency $5 million apiece in civil fines, the U.S. District Court for the Southern District of New York said Tuesday.

The trading firm—also known as Vali Management Partners—and the two men are also jointly and ...