The U.S. Department of Justice (DOJ) has initiated payments from the Roger Knox Remission Fund, compensating those defrauded in a complex microcap stock manipulation operation that ran from 2016 to 2018. More than eight thousand individuals who lost money in an international securities fraud enterprise are now receiving a combined total of $15.5 million in restitution, following the conclusion of a multi-year investigation and prosecution.
According to reports, 2026, the DOJ has started distributing over $12.4 million through its remission fund, while an additional $3.1 million is being delivered separately by the Securities and Exchange Commission. The victims were pre-identified during the investigation, meaning there is no open claims process for individuals to apply at this stage.
The compensation stems from the criminal activities of Roger Knox, a United Kingdom citizen from Belfast, Northern Ireland, who operated asset-management firms Silverton and later Wintercap. Authorities determined that these companies played a central role in enabling illicit stock-manipulation schemes.
The Scheme and Its Mastermind
Knox and his co-conspirators helped traders secretly dispose of large volumes of shares while concealing their ownership, according to the Department of Justice. The positions were typically kept below five percent of any issuer’s outstanding shares to sidestep sales restrictions and disclosure requirements.
As detailed in court documents and DOJ press releases, the operation funneled proceeds exceeding $137 million between 2016 and 2018 to co-conspirators across the United States and internationally. This was accomplished through an intricate money transfer system designed to obscure both the source and the nature of the funds.
The FBI investigation gathered substantial evidence, including wiretapped conversations. Knox faced charges in 2018 for securities fraud and conspiracy, ultimately pleading guilty in 2020. He received a three-year prison sentence in 2023, during which he expressed remorse for the losses and suffering inflicted on victims and their families.
It was, according to prosecutors, a classic pump-and-dump scheme where perpetrators artificially inflate asset prices before quickly selling their holdings, leaving other investors with worthless shares.
Compensation and Victim Identification
The January 2024 court order requiring Knox to pay more than $58 million dollars in restitution laid the groundwork for the current fund distribution. The DOJ established the Roger Knox Remission Fund specifically to handle this process.
Authorities have stated that victims were identified through brokerage records, transaction data, and Knox’s own documentation. These records revealed which individuals purchased the artificially inflated shares during the relevant window of 2016 through 2018.
The DOJ announcement confirms that distribution has begun to those affected by the fraud. The $15.5 million total represents a portion of the larger restitution amount, providing some recovery for those who suffered financial harm.
The scheme’s international scope and sophisticated methods highlight ongoing challenges in regulating microcap securities and cross-border financial crimes. For the more than eight thousand victims now receiving compensation, the fund offers a measure of financial redress years after they were caught up in the elaborate fraud.
