SEC v. Allen C. Giltman, No. LR-26399, District of New Jersey (Sept. 12, 2025) — Press Release

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26399 / September 12, 2025 Securities and Exchange Commission v. Giltman, No. 2:22-cv-00051-ES-JRA (D.N.J., filed Jan. 5, 2022) SEC Obtains Final Judgment Against California Man for Defrauding Investors Out of Millions of Dollars in Fake Certificate of Deposit Scam On September 11, 2025, the U.S. District Court for the District of New Jersey entered a final consent judgment against Allen C. Giltman for his role in an internet-based fraudulent scheme that lured unsuspecting investors to websites offering fake certificates of deposit (“CDs”). The fake CDs scheme defrauded scores of U.S. investors, many of whom were older and using their retirement savings. The SEC’s complaint, filed on January 5, 2022, alleged that Giltman worked with other perpetrators of the scheme to create a series of websites offering fake CDs at above-market rates. The complaint alleged that these websites used domain names intended to deceive investors into believing that they were investing with legitimate U.S.-based and multi-national financial firms. Some of the websites “spoofed” actual financial firms, while others purported to offer CDs from fake financial firms. As alleged, the spoofed websites created by Giltman and the other perpetrators of the scheme had no relationship with any legitimate financial firm, and the promised CDs did not exist. The SEC charged Giltman with violating Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5 thereunder, and Section 17(a) of the Securities Act of 1933. On April 8, 2022, the court entered a bifurcated consent judgment that enjoined Giltman from violating the charged provisions and enjoined him from participating in the issuance, purchase, offer or sale of any security or engaging in activities for the purposes of inducing or attempting to induce the purchase of sale of any security, provided, however, that such injunction shall not prevent Giltman from purchasing or selling securities for his own personal account. On September 11, 2025, the court entered a final consent judgment that, in addition to including the above relief, ordered Giltman to pay disgorgement in the amount of $31,224,595, to be deemed satisfied by the restitution order against Giltman in a parallel criminal proceeding, United States v. Giltman, No. 2:22-cr-00002-ES (D.N.J.), in which Giltman pleaded guilty and was sentenced to 87 months in prison. The SEC’s investigation was conducted by Elizabeth Doisy and Martin Zerwitz, and supervised by Paul Kim, of the Enforcement Division’s Cyber and Emerging Technologies Unit. The litigation was led by John Bowers and supervised by James Connor. The SEC appreciates the assistance of the U.S. Attorney’s Office for the District of New Jersey.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26399 / September 12, 2025 Securities and Exchange Commission v. Giltman, No. 2:22-cv-00051-ES-JRA (D.N.J., filed Jan. 5, 2022) SEC Obtains Final Judgment Against California Man for Defrauding Investors Out of Millions of Dollars in Fake Certificate of Deposit Scam On September 11, 2025, the U.S. District Court for the District of New Jersey entered a final consent judgment against Allen C. Giltman for his role in an internet-based fraudulent scheme that lured unsuspecting investors to websites offering fake certificates of deposit (“CDs”). The fake CDs scheme defrauded scores of U.S. investors, many of whom were older and using their retirement savings. The SEC’s complaint, filed on January 5, 2022, alleged that Giltman worked with other perpetrators of the scheme to create a series of websites offering fake CDs at above-market rates. The complaint alleged that these websites used domain names intended to deceive investors into believing that they were investing with legitimate U.S.-based and multi-national financial firms. Some of the websites “spoofed” actual financial firms, while others purported to offer CDs from fake financial firms. As alleged, the spoofed websites created by Giltman and the other perpetrators of the scheme had no relationship with any legitimate financial firm, and the promised CDs did not exist. The SEC charged Giltman with violating Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5 thereunder, and Section 17(a) of the Securities Act of 1933. On April 8, 2022, the court entered a bifurcated consent judgment that enjoined Giltman from violating the charged provisions and enjoined him from participating in the issuance, purchase, offer or sale of any security or engaging in activities for the purposes of inducing or attempting to induce the purchase of sale of any security, provided, however, that such injunction shall not prevent Giltman from purchasing or selling securities for his own personal account. On September 11, 2025, the court entered a final consent judgment that, in addition to including the above relief, ordered Giltman to pay disgorgement in the amount of $31,224,595, to be deemed satisfied by the restitution order against Giltman in a parallel criminal proceeding, United States v. Giltman, No. 2:22-cr-00002-ES (D.N.J.), in which Giltman pleaded guilty and was sentenced to 87 months in prison. The SEC’s investigation was conducted by Elizabeth Doisy and Martin Zerwitz, and supervised by Paul Kim, of the Enforcement Division’s Cyber and Emerging Technologies Unit. The litigation was led by John Bowers and supervised by James Connor. The SEC appreciates the assistance of the U.S. Attorney’s Office for the District of New Jersey.