Indian American Coinbase Product Managers Get over 2 years in Jail

HI INDIA NEWS DESK

The brothers engaged in an insider trading scheme regarding at least nine crypto asset securities. An SEC complaint, filed in 2022, in Washington, alleged that while employed at the crypto platform, coordinated the platform’s public listing announcements that included what crypto assets would be made available for trading. Coinbase treated such information as confidential.

Ishan however kept tipping about upcoming listing announcements to Nikhil and an Indian American friend, Sameer Ramani of Houston. Both of them then allegedly purchased at least 25 crypto assets and then sold them shortly after the announcements for a profit

The brothers agreed, as part of the settlement, not to deny the SEC’s allegations.