SEC v. Anthony Marsico; Arthur P. Pizzello, Jr.; Robert Quattrocchi; and Timothy Carey, No. 1:25-cv-005553, Northern District of Illinois (Sept. 23, 2025) — Judgment

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UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION

SECURITIES AND EXCHANGE
COMMISSION,

                                             Plaintiff,

                        v.

ANTHONY MARSICO, ARTHUR P.
PIZZELLO, JR., ROBERT
QUATTROCCHI, AND TIMOTHY
CAREY,

                                             Defendants.

Case No.: 1:25-cv-00553

Honorable Edmond E. Chang
FINAL JUDGMENT AS TO DEFENDANT ARTHUR PIZZELLO
The Securities and Exchange Commission having filed a Complaint and Defendant
Arthur Pizzello (“Defendant”) having entered a general appearance; consented to the Court’s
jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final
Judgment; waived findings of fact and conclusions of law; and waived any right to appeal from
this Final Judgment:
I.
IT IS ORDERED, ADJUDGED, AND DECREED that Defendant is permanently
restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities
Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 promulgated
thereunder [17 C.F.R. § 240.10b-5], by using any means or instrumentality of interstate
commerce, or of the mails, or of any facility of any national securities exchange, in connection
with the purchase or sale of any security:

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(a) to employ any device, scheme, or artifice to defraud;
(b) to make any untrue statement of a material fact or to omit to state a material fact
necessary in order to make the statements made, in the light of the circumstances under
which they were made, not misleading; or
(c) to engage in any act, practice, or course of business which operates or would operate
as a fraud or deceit upon any person by:
(i) buying or selling a security of any issuer, on the basis of material
nonpublic information, in breach of a fiduciary duty or other duty of trust
or confidence that is owed directly, indirectly, or derivatively, to the issuer
of that security or the shareholders of that issuer, or to any other person
who is the source of the information; or
(ii) by communicating material nonpublic information about a security or
issuer, in breach of a fiduciary duty or other duty of trust or confidence, to
another person or persons for purposes of buying or selling any security.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in
Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who
receive actual notice of this Final Judgment by personal service or otherwise:  (a) Defendant’s
officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or
participation with Defendant or with anyone described in (a).
II.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is liable
for disgorgement of $124,456, representing net profits gained as a result of the conduct alleged
in the Complaint, together with prejudgment interest thereon in the amount of $26,933.  The

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Court finds that sending the disgorged funds to the United States Treasury, as ordered below, is
consistent with equitable principles.  The Court further imposes a civil penalty in the amount of
$124,456 pursuant to Section 21A of the Exchange Act [15 U.S.C. § 78u-1].  Defendant shall
satisfy these obligations by paying $275,845 to the Securities and Exchange Commission within
30 days after entry of this Final Judgment.
 Defendant may transmit payment electronically to the Commission, which will provide
detailed ACH transfer/Fedwire instructions upon request.  Payment may also be made directly
from a bank account via Pay.gov through the SEC website at
http://www.sec.gov/about/offices/ofm.htm.  Defendant may also pay by certified check, bank
cashier’s check, or United States postal money order payable to the Securities and Exchange
Commission, which shall be delivered or mailed to
Enterprise Services Center
Accounts Receivable Branch
6500 South MacArthur Boulevard
Oklahoma City, OK 73169

 and shall be accompanied by a letter identifying the case title, civil action number, and name of
this Court; Arthur Pizzello as a defendant in this action; and specifying that payment is made
pursuant to this Final Judgment.
Defendant shall simultaneously transmit photocopies of evidence of payment and case
identifying information to the Commission’s counsel in this action.  By making this payment,
Defendant relinquishes all legal and equitable right, title, and interest in such funds and no part
of the funds shall be returned to Defendant.  The Commission shall send the funds paid pursuant
to this Final Judgment to the United States Treasury.
The Commission may enforce the Court’s judgment for disgorgement and prejudgment
interest by using all collection procedures authorized by law, including, but not limited to,

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moving for civil contempt at any time after 30 days following entry of this Final Judgment.  The
Commission may enforce the Court’s judgment for penalties by the use of all collection
procedures authorized by law, including the Federal Debt Collection Procedures Act, 28 U.S.C. §
3001 et seq., and moving for civil contempt for the violation of any Court orders issued in this
action.
Defendant shall pay post judgment interest on any amounts due after 30 days of the entry
of this Final Judgment pursuant to 28 U.S.C. § 1961.
III.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent is
incorporated herein with the same force and effect as if fully set forth herein, and that Defendant
shall comply with all of the undertakings and agreements set forth therein.
IV.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, for purposes of
exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. §523, the
allegations in the complaint are true and admitted by Defendant, and further, any debt for
disgorgement, prejudgment interest, civil penalty or other amounts due by Defendant under this
Final Judgment or any other judgment, order, consent order, decree or settlement agreement
entered in connection with this proceeding, is a debt for the violation by Defendant of the federal
securities laws or any regulation or order issued under such laws, as set forth in Section
523(a)(19) of the Bankruptcy Code, 11 U.S.C. §523(a)(19).
V.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain
jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment.

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VI.
There being no just reason for delay, pursuant to Rule 54(b) of the Federal Rules of Civil
Procedure, the Clerk is ordered to enter this Final Judgment forthwith and without further notice.
Dated:  09/10/2025
________________________________
HON. EDMOND E. CHANG
UNITED STATES DISTRICT JUDGE

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UNITED STATES DISTRICT COURT 
NORTHERN DISTRICT OF ILLINOIS 

EASTERN DIVISION  
 

 
SECURITIES AND EXCHANGE 
COMMISSION, 
 
                                             Plaintiff,  
 
                        v. 
 
ANTHONY MARSICO, ARTHUR P. 
PIZZELLO, JR., ROBERT 
QUATTROCCHI, AND TIMOTHY 
CAREY, 
 
                                             Defendants.   
 

 
 
 
 
Case No.: 1:25-cv-00553 
 
 
 
 
Honorable Edmond E. Chang 

FINAL JUDGMENT AS TO DEFENDANT ARTHUR PIZZELLO 

The Securities and Exchange Commission having filed a Complaint and Defendant 

Arthur Pizzello (“Defendant”) having entered a general appearance; consented to the Court’s 

jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final 

Judgment; waived findings of fact and conclusions of law; and waived any right to appeal from 

this Final Judgment: 

I. 

IT IS ORDERED, ADJUDGED, AND DECREED that Defendant is permanently 

restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities 

Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 promulgated 

thereunder [17 C.F.R. § 240.10b-5], by using any means or instrumentality of interstate 

commerce, or of the mails, or of any facility of any national securities exchange, in connection 

with the purchase or sale of any security: 

Case: 1:25-cv-00553 Document #: 39 Filed: 09/10/25 Page 1 of 5 PageID #:147



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(a) to employ any device, scheme, or artifice to defraud; 

(b) to make any untrue statement of a material fact or to omit to state a material fact 

necessary in order to make the statements made, in the light of the circumstances under 

which they were made, not misleading; or 

(c) to engage in any act, practice, or course of business which operates or would operate 

as a fraud or deceit upon any person by:  

(i) buying or selling a security of any issuer, on the basis of material 

nonpublic information, in breach of a fiduciary duty or other duty of trust 

or confidence that is owed directly, indirectly, or derivatively, to the issuer 

of that security or the shareholders of that issuer, or to any other person 

who is the source of the information; or  

(ii) by communicating material nonpublic information about a security or 

issuer, in breach of a fiduciary duty or other duty of trust or confidence, to 

another person or persons for purposes of buying or selling any security. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who 

receive actual notice of this Final Judgment by personal service or otherwise:  (a) Defendant’s 

officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or 

participation with Defendant or with anyone described in (a). 

II. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is liable 

for disgorgement of $124,456, representing net profits gained as a result of the conduct alleged 

in the Complaint, together with prejudgment interest thereon in the amount of $26,933.  The 

Case: 1:25-cv-00553 Document #: 39 Filed: 09/10/25 Page 2 of 5 PageID #:148



3 
 

Court finds that sending the disgorged funds to the United States Treasury, as ordered below, is 

consistent with equitable principles.  The Court further imposes a civil penalty in the amount of 

$124,456 pursuant to Section 21A of the Exchange Act [15 U.S.C. § 78u-1].  Defendant shall 

satisfy these obligations by paying $275,845 to the Securities and Exchange Commission within 

30 days after entry of this Final Judgment. 

 Defendant may transmit payment electronically to the Commission, which will provide 

detailed ACH transfer/Fedwire instructions upon request.  Payment may also be made directly 

from a bank account via Pay.gov through the SEC website at 

http://www.sec.gov/about/offices/ofm.htm.  Defendant may also pay by certified check, bank 

cashier’s check, or United States postal money order payable to the Securities and Exchange 

Commission, which shall be delivered or mailed to  

Enterprise Services Center 
Accounts Receivable Branch 
6500 South MacArthur Boulevard 
Oklahoma City, OK 73169 
 

 and shall be accompanied by a letter identifying the case title, civil action number, and name of 

this Court; Arthur Pizzello as a defendant in this action; and specifying that payment is made 

pursuant to this Final Judgment.   

Defendant shall simultaneously transmit photocopies of evidence of payment and case 

identifying information to the Commission’s counsel in this action.  By making this payment, 

Defendant relinquishes all legal and equitable right, title, and interest in such funds and no part 

of the funds shall be returned to Defendant.  The Commission shall send the funds paid pursuant 

to this Final Judgment to the United States Treasury.   

The Commission may enforce the Court’s judgment for disgorgement and prejudgment 

interest by using all collection procedures authorized by law, including, but not limited to, 

Case: 1:25-cv-00553 Document #: 39 Filed: 09/10/25 Page 3 of 5 PageID #:149



4 
 

moving for civil contempt at any time after 30 days following entry of this Final Judgment.  The 

Commission may enforce the Court’s judgment for penalties by the use of all collection 

procedures authorized by law, including the Federal Debt Collection Procedures Act, 28 U.S.C. § 

3001 et seq., and moving for civil contempt for the violation of any Court orders issued in this 

action. 

Defendant shall pay post judgment interest on any amounts due after 30 days of the entry 

of this Final Judgment pursuant to 28 U.S.C. § 1961.   

III. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Consent is 

incorporated herein with the same force and effect as if fully set forth herein, and that Defendant 

shall comply with all of the undertakings and agreements set forth therein. 

IV. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, for purposes of 

exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. §523, the 

allegations in the complaint are true and admitted by Defendant, and further, any debt for 

disgorgement, prejudgment interest, civil penalty or other amounts due by Defendant under this 

Final Judgment or any other judgment, order, consent order, decree or settlement agreement 

entered in connection with this proceeding, is a debt for the violation by Defendant of the federal 

securities laws or any regulation or order issued under such laws, as set forth in Section 

523(a)(19) of the Bankruptcy Code, 11 U.S.C. §523(a)(19). 

V. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain 

jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. 

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VI. 

There being no just reason for delay, pursuant to Rule 54(b) of the Federal Rules of Civil 

Procedure, the Clerk is ordered to enter this Final Judgment forthwith and without further notice. 

Dated:  09/10/2025  

________________________________ 
HON. EDMOND E. CHANG 
UNITED STATES DISTRICT JUDGE 

Case: 1:25-cv-00553 Document #: 39 Filed: 09/10/25 Page 5 of 5 PageID #:151