The SEC settled charges with former Coinbase product manager Ishan Wahi and his brother Nikhil, the regulator announced Tuesday. The SEC accused the two of insider trading tied to token listings on crypto exchange Coinbase last year. nikhileshde reports
The U.S. Securities and Exchange Commission settled charges with a former Coinbase product manager and his brother tied to 2022 allegations of insider trading on certain cryptocurrencies listed by Coinbase, the regulator announced Tuesday.
The former product manager, Ishan Wahi, and his brother, Nikhil Wahi, were arrested last year on charges of wire fraud conspiracy and"wire fraud in connection with a scheme to commit insider trading." On the same day, the SEC brought insider trading charges.Both brothers pleaded guilty to the Department of Justice charges, with Ishan Wahi now facing a 2-year sentence and Nikhil Wahi serving a 10-month sentence. The SEC said that the brothers' fines from their criminal case satisfy the civil case's settlements, and it would not seek any other penalties."We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple," he said."The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC. I am grateful to the SEC staff for successfully working to resolve this matter."
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