Contents
In brief
Concorde Bermuda Ltd. was among the defendants in the SEC's civil case over trading on press releases stolen by hackers. In August 2015 the US regulator filed suit, alleging that the company's accounts were used for such trading. These are the regulator's specific claims about the company's transactions; a court has not ruled on their merits with respect to Concorde Bermuda.
Editorial conclusion The outcome for Concorde Bermuda was consent to pay USD 4.2 million and to an injunction. These are serious financial and regulatory consequences that the formula “without admitting the allegations” does not cancel. The settlement gives no grounds to declare the SEC's claims refuted. The episode should be judged by the agreed terms, not by the absence of an admission. At the same time, no court ruled on guilt on the merits; Mazepa was not a defendant, and the company's link to Concorde Capital is described by the media.
Status
Settled as to Concorde Bermuda
Status as of
As to Concorde Bermuda Ltd., the case was settled by consent on 02.02.2016: an injunction and USD 4.2 million in disgorgement, without admitting or denying the allegations. This is not a verdict and not a ruling on any personal liability of Ihor Mazepa.
| Amount | Nature | Date | Explanation |
|---|---|---|---|
| USD 4.2 million | Settlement | Disgorgement (return of profits obtained) agreed by Concorde Bermuda Ltd. as part of the settlement [1] | |
| USD 3.6 million | Authority's estimate | The SEC's estimate in the complaint: per the regulator, trading in Concorde's accounts yielded “approximately” this much in illicit gains (para. 41). Not established by a court [2] |
Case passport
- Period
- 2010–2016 (trading period per the SEC — 2010–2015)
- Jurisdiction
- USA, U.S. District Court for the District of New Jersey
- Case number
- Civil Action No. 2:15-cv-06076-MCA-MAH
- Participants
- SEC (plaintiff)
- Concorde Bermuda Ltd. (one of the defendants)
- other defendants — more than 30 individuals and entities
- Status
- Settled as to Concorde Bermuda ·
What is established
- Documented
The SEC filed a civil lawsuit, SEC v. Dubovoy, et al., in the U.S. District Court for the District of New Jersey on 10 August 2015. [1]
- Documented
Concorde Bermuda Ltd. is named in the complaint as a defendant, not as a relief defendant. The complaint gives the company's address in Kyiv. [2]
- Documented
On 02.02.2016 the SEC announced that Concorde Bermuda Ltd., without admitting or denying the allegations, consented to a court order enjoining it from violating Section 10(b) of the Exchange Act, Rule 10b-5 and Section 17(a) of the Securities Act, and to paying USD 4.2 million in disgorgement. [1][3]
- Editorial assessment
Neither Ihor Mazepa's name nor Concorde Capital is mentioned in the three SEC documents reviewed (the complaint and two releases). [1][2][3]
What the parties say
SEC (plaintiff)
According to the SEC, Concorde Bermuda “purports to be” a hedge fund established in Bermuda with its principal place of business in Kyiv; its Interactive Brokers accounts were used in the fraudulent scheme, yielding approximately USD 3.6 million in illicit gains. [2]
The SEC also alleged that Concorde's trading was linked to another defendant through shared IP addresses (more than 100 logins from one address) and that in April 2014 Concorde wired approximately USD 1.5 million to Jaspen Capital Partners. [2]
Concorde Bermuda Ltd.
- Party's position
Concorde Bermuda Ltd. agreed to the settlement “without admitting or denying” the SEC's allegations. The editors found no separate public statements by the company or Ihor Mazepa about the case. [1]
TSN
- Media report
In 2024 TSN described Concorde Bermuda Ltd. as a company considered to be linked to Concorde Capital. [4]
Timeline
According to the SEC, Concorde Bermuda wired about USD 1.5 million to Jaspen Capital Partners [2]
The SEC files SEC v. Dubovoy, et al.; Concorde Bermuda Ltd. is among the defendants [1][2]
The SEC announces a settlement with Concorde Bermuda Ltd.: injunction and USD 4.2 million, without admitting the allegations [1]
A later SEC release in the case mentions the USD 4.2 million settlement with Concorde Bermuda [3]
Documents and materials
- 1
Litigation Release No. 23458 — SEC v. Dubovoy, et al. (opens in a new tab)
Official notice of the settlement: Concorde Bermuda Ltd. consented to an injunction and to paying USD 4.2 million, without admitting or denying the allegations.
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-23458
- 2
Complaint — SEC v. Arkadiy Dubovoy et al. (D.N.J.) (opens in a new tab)
The SEC's complaint: sets out the regulator's version of Concorde Bermuda's trading (paras. 41, 124–128). These are the plaintiff's allegations, not facts found by a court.
https://www.sec.gov/files/litigation/complaints/2015/comp-pr2015-163.pdf
- 3
Litigation Release No. 23530 — SEC v. Dubovoy, et al. (opens in a new tab)
A later SEC release in the same case; confirms the amount of the settlement with Concorde Bermuda — USD 4.2 million.
https://www.sec.gov/enforcement-litigation/litigation-releases/lr-23530
- 4
Ігор Мазепа та Concorde Capital: що відомо про бізнесмена, якого затримало ДБР (opens in a new tab)
Background piece on Mazepa's biography, Concorde Bermuda, TYME and PrivateFX. A media report without references to primary documents.
https://tsn.ua/ukrayina/igor-mazepa-ta-concorde-capital-scho-vidomo-pro-biznesmena-yakogo-zatrimalo-dbr-2496073.html
What remains unknown
- The nature of Concorde Bermuda Ltd.'s link to Ihor Mazepa or Concorde Capital (ownership, management, period) is not described in the SEC documents reviewed.
- The editors found no confirmation that the USD 4.2 million was actually paid: the SEC release records the consent to pay.
- No public comment by Concorde Bermuda, Concorde Capital or Ihor Mazepa on this case was found in the sources available to the editors.
Related cases
TYME: assured it complied with sanctions — and lost its registration
TYME assured it complied with sanctions, but the NBU cancelled its registration, citing SBU information about cooperation with a banned Russian system. Mazepa stressed his minority stake. The information is given as reported by the media.
Sanctions claims — registration cancelled
PrivateFX: clients lost out, Mazepa explained his exit
PrivateFX clients lost out: according to TSN, as of May 2018 their money had not been returned. Mazepa spoke about leaving the project. His explanations about a passive role do not answer who settled with the clients.
Investors' money not returned
Change history
Last editorial check:
- — Editorial update: new title, card, summary and editorial conclusion.
- — First publication after review of the SEC documents.
There have been no material corrections.