In February 2022, the SEC and CFTC commenced parallel enforcement actions against James Velissaris, founder and principal of investment adviser Infinity Q Capital Management LLC (Infinity Q), claiming he had committed a $1‑billion valuation fraud by manipulating the models used by a pricing service to value certain swaps held by Infinity Q funds. The SEC recently took aim at Infinity Q’s CCO, Scott Lindell, alleging that he negligently ignored red flags about the fraud; made misrepresentations about the firm’s valuation practices; participated in attempts to mislead SEC staff and a fund auditor; and made misstatements on Infinity Q’s Forms ADV. This article details the allegations made in the SEC’s civil enforcement complaint against Lindell and the terms of its recent settlement with him. See “SEC, CFTC and DOJ Take Action Against Alleged $1‑Billion Valuation Fraud” (Mar. 17, 2022).