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Indians Charged in Insider Trading in the US

NEW YORK, NY -Many people of Indian-origin have been charged with insider trading in three separate schemes that made more than $5 million in illegal profit.

The Securities and Exchange Commission has charged Amit Bhardwaj, former chief information security officer of Lumentum Holdings. Along with him Dhirenkumar Patel, Srinivasa Kakkera, Abbas Saeedi, and Ramesh Chitor, have also been charged, all residing in California.

According to SEC allegations these people traded ahead of two corporate acquisition announcements by Lumentum and generated more than USD 5.2 million in illicit profits.

In another case, the SEC alleges insider trading by New York based investment banker Brijesh Goel, and his friend Akshay Niranjan,who was a foreign exchange trader at a financial institution. The duo made more than $275,000 from illegally trading ahead of four acquisition announcements in 2017 that Goel learned about through his employment.

The SEC’s enforcement actions were filed in federal district court in Manhattan.

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