Artur Khachatryan

Artur Khachatryan
Nationality	American
Occupation	Physician (medical resident), securities trader
Known for	SEC enforcement action for stock spoofing scheme
Alma mater	University of Nevada School of Medicine

Artur Khachatryan is an American physician and former securities trader who was charged by the United States Securities and Exchange Commission (SEC) for conducting a manipulative stock trading scheme known as "spoofing" over a two-year period. On December 16, 2025, the SEC filed settled charges against Khachatryan in the U.S. District Court for the Central District of California, with total financial penalties exceeding $508,000.

Early Life and Career

Artur Khachatryan is a resident of Tujunga, California. He received his Doctor of Medicine (MD) degree from the University of Nevada School of Medicine in the spring of 2023. Following graduation, he obtained an active Physician Training License in Colorado and worked as a medical resident in Denver until January 2024.

While pursuing his medical career, Khachatryan also engaged in active securities trading through multiple brokerage accounts, utilizing direct market access to trading platforms.

Legal Case

The Spoofing Scheme

On December 16, 2025, the SEC filed a complaint against Khachatryan (Case No. 25-cv-11863) in the U.S. District Court for the Central District of California, alleging that he engaged in a systematic spoofing scheme to manipulate stock prices and generate profits.

Spoofing involves placing large orders for securities with no intention of executing them, in order to create a false impression of market demand or supply and thereby move prices in a desired direction. According to the SEC's complaint, Khachatryan placed his spoof orders outside of regular market hours, during periods when the targeted stocks were thinly traded and prices were more susceptible to manipulation.

The scheme operated in a repeating pattern: Khachatryan would place large orders on one side of the market to create the appearance of buying or selling pressure. He would then place and execute smaller orders on the opposite side of the market to take advantage of the price movement his spoof orders had created. After profiting from the manipulated prices, he would quickly cancel his spoof orders. He then repeated the same pattern on the other side of the market to move the stock price in the opposite direction, locking in additional profits from trading at artificially distorted prices.

Brokerage Account Evasion

When multiple broker-dealers detected the suspicious trading patterns and restricted trading in or closed Khachatryan's accounts, he opened new brokerage accounts in the names of other individuals to continue his manipulative trading. This evasion tactic demonstrated awareness that his trading activity was improper.

Charges

The SEC charged Khachatryan with violations of:

• Section 17(a) of the Securities Act of 1933
• Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
• Section 9(a)(2) of the Securities Exchange Act of 1934 (manipulation of security prices)

Outcome

Khachatryan settled the SEC's charges without admitting or denying the allegations. He consented to a final judgment imposing:

• Permanent injunctive relief prohibiting future violations of the securities laws
• Disgorgement of ill-gotten gains totaling $373,885
• Prejudgment interest of $22,629.34
• A civil penalty of $112,165

The total financial penalties amounted to $508,679.34.

In addition to the monetary penalties, the final judgment imposed a four-year trading ban, prohibiting Khachatryan from opening, maintaining, or trading in any brokerage account in his name, the names of immediate family members, any company he controls, or any third-party individuals' names without first providing the broker-dealer with a copy of the final judgment.

The case was notable as an example of the SEC pursuing spoofing enforcement against an individual retail trader rather than an institutional actor, and for the unusual profile of the defendant as a medical professional engaged in market manipulation.