1/4/2024 0 Comments Insider trading![]() ![]() Nikhil Wahi now awaits sentencing for his crime and must also forfeit his illicit profits.”Īccording to the allegations in the Indictment, and statements made in public court proceedings:Īt all relevant times, Coinbase was one of the largest cryptocurrency exchanges in the world. Today’s guilty plea should serve as a reminder to those who participate in the cryptocurrency markets that the Southern District of New York will continue to steadfastly police frauds of all stripes and will adapt as technology evolves. For the first time ever, a defendant has admitted his guilt in an insider trading case involving the cryptocurrency markets. Attorney Damian Williams said: “Less than two months after he was charged, Nikhil Wahi admitted in court today that he traded in crypto assets based on Coinbase’s confidential business information to which he was not entitled. WAHI was arrested in July of this year and pled guilty before U.S. (“Coinbase”), pled guilty to one count of conspiracy to commit wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase’s exchanges. Goldman Sachs slammed the illegal activity in a statement calling it “egregious and illegal conduct.”Īn attorney for Goel said in a statement, “Sadly, the government rushed to charge Brijesh on the apparent say-so of one person about something that supposedly happened years ago before Brijesh’s current job - without giving Brijesh the chance to speak with them, unfairly tarring his name . . . Brijesh looks forward to demonstrating his innocence.Damian Williams, the United States Attorney for the Southern District of New York, announced today that NIKHIL WAHI, the brother of a former product manager at Coinbase Global, Inc. Most of the tips were related to deals Goel was privy to - companies including Lumos Networks, PharMerica Corporation and Calgon Carbon - Niranjan bought call options on the companies, betting shares of the companies would go higher when deals were publicly announced. Goel’s share of the profit - which comes out to less than $150,000 - pales in comparison to what he was making at both Goldman and Apollo. And at Apollo, compensation can swell well above $1 million. At Goldman, top performing VPs can haul in north of $800,000 on a good year. Indeed, even as Wall Street bonuses hit record highs, the allure of insider trading clearly still holds appeal for financiers. Wall Street bonuses hit all-time high as banker shortage rages ![]() ![]() attorney for the Southern District of New York said in a press conference on Monday. “We are keenly interested in sending a message that insider trading is still around, we are still around, and we are going to enforce it when we find it,” Damian Williams, U.S. AP The former Goldman Sachs vice president was charged with sharing insider information with his squash partner. attorney for the Southern District of New York addressed reporters Monday. It’s unclear if Niranjan has been placed on leave from Barclays. Goel, who had taken a lucrative job as principal at Apollo Global Management’s structured finance team in 2021, was placed on indefinite leave following the news. The two men even used code language that referenced their squash games - like “Did you book the court?” - to coordinate trades, the filing alleges. Niranjan executed trades on the information about upcoming deals and split the winnings with Goel. Goel - a Goldman banker from 2013 to 2021 - began sharing insider tips with a graduate school friend and Barclays trader Niranjan during squash games in 2017. The Securities and Exchange Commission also filed civil charges against the men. Goldman Sachs banker kept spreadsheet ranking female recruits’ bodies, ex-employee allegesĬruel winter ahead for Wall Street as pandemic debts come dueĪ former Goldman Sachs vice president was charged with insider trading - for allegedly tipping off his squash partner about possible mergers and acquisitions activity - in a scheme that netted the two men a combined $291,735 in profits over the span of multiple years.įederal prosecutors announced charges against the Goldman alum Brijesh Goel, 37, and his squash partner Akshay Niranjan, 33, in the Southern District of New York on Monday. Lawsuit alleges bombshell claims of sex assault, harassment by male bosses at Goldman Goldman Sachs begins layoffs, targeting mid-level bankers: report
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