SEC Files Proposed Judgment Against Benjamin Conde

The proposed final judgment concludes long-running litigation involving an alleged 2017 stock market manipulation scheme.

Updated on Oct. 21, 2026 in Financial Crime

SEC Files Proposed Judgment Against Benjamin Conde

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The SEC has filed a proposed final judgment in the Eastern District of New York against Benjamin Conde for orchestrating a market manipulation scheme. The action seeks to conclude litigation regarding his role in inflating the price and trading volume of Renewable Energy and Power, Inc. securities.

Why it matters

The case highlights regulatory efforts to hold individuals accountable for pump-and-dump schemes involving penny stocks and promotional boiler room tactics. The final judgment marks a significant step in resolving the commission's allegations of fraud against the defendant.

The SEC filed a proposed final judgment in the Eastern District of New York requiring Conde to pay $2,778,821.69 in disgorgement and interest. The judgment also imposes a permanent penny stock bar on the defendant.

The players

Benjamin Conde

He is the individual defendant who allegedly orchestrated a stock market manipulation scheme and pleaded guilty to conspiracy to commit securities fraud.

Securities and Exchange Commission

This is the federal regulatory agency responsible for protecting investors and maintaining fair, orderly, and efficient markets.

Renewable Energy and Power, Inc.

This is the company whose securities were the focus of the alleged market manipulation scheme.

The details

Conde allegedly coordinated a promotional boiler room campaign and used wash and matched trading to create the appearance of artificial market activity. By selling millions of shares of Renewable Energy and Power, Inc. into the market at inflated prices, he allegedly defrauded investors between March and July 2017.

The market manipulation scheme took place between March and July 2017.
The SEC filed its initial complaint against Conde on September 23, 2019.
The SEC filed the proposed final judgment on October 20, 2026.

Legal Context

This enforcement action aligns with the regulatory framework established by the Securities Exchange Act of 1934 to police deceptive trading activities. Regulators frequently use these precedents to seek monetary disgorgement and permanent industry bans against participants in fraudulent schemes.

The permanent penny stock bar prevents the defendant from participating in future offerings of microcap securities, potentially shielding retail investors from similar fraudulent activity. The court-ordered payment serves as a mechanism to recover illicit gains resulting from the manipulation of publicly traded shares.

The takeaway

Investors should remain vigilant when evaluating small-cap stocks promoted through unsolicited boiler room campaigns. Verifying company financial health independently can help protect personal portfolios from pump-and-dump market schemes.