SEC Bars Tyler MacKechnie From Association With Any Broker, Dealer or Investment Adviser

Tyler MacKechnie, described by the SEC as a prominent figure in online trading communities, was ordered to pay an $85,000 civil penalty and barred from the securities industry over unregistered broker activity, according to an SEC order dated Sept. 30.

The SEC found that between 2020 and 2025, MacKechnie solicited US retail investors to trade through Envi, an entity incorporated in St. Vincent and the Grenadines that held itself out as a broker and offered "contracts for differences," or CFDs. The order says stock-based CFDs offered on Envi qualified as security-based swaps and that Envi offered them on 37 different equities.

"MacKechnie violated Section 15(a)(1) of the Exchange Act by effecting transactions in ... security-based swaps for the account of others without being registered with the Commission as a broker-dealer," the order says.

According to the order, MacKechnie marketed Envi to an online network that included US residents, recruited affiliates who received transaction-based compensation, and received a portion of commissions and spreads from customer trading. The order says MacKechnie has never been registered with the SEC in any capacity.

The order also directs MacKechnie to cease and desist from future violations and to pay the penalty in installments. MacKechnie submitted an offer of settlement, which the SEC accepted, and consented to the order without admitting the findings, except as to the SEC's jurisdiction over him and the subject matter of the proceedings.