Close X
Thursday, January 9, 2025
ADVT 
International

Indian IT Contractor Charged With Insider Trading In US To Pay $800,000 Fine

Darpan News Desk IANS, 01 Jul, 2019 01:38 AM

    An Indian IT contractor has agreed to settle insider trading charges brought against him by the Securities and Exchange Commission (SEC) by paying nearly $800,000 in penalties.

     

    Rajeshwar Gannamaneni, 36, is a citizen of India with a last known residence in Singapore.


    In December last year, the SEC charged Gannameneni with securities fraud based on his role in a serial insider trading scheme, and obtained a temporary restraining order freezing his United States assets.


    The SEC's complaint alleged that Gannamaneni worked as an IT contractor at the Singapore branch of an investment bank and that he used non-public information about impending mergers, acquisitions, and tender offers involving the investment bank's clients to trade in advance of at least 40 corporate events.


    According to the complaint, the illicit trading was conducted in Gannamaneni's own name and in accounts in the names of his wife Deepthi Gandra, his father Linga Rao Gannamaneni, and another family member.


    Gannamaneni has agreed to settle the SEC's case against him, paying nearly $800,000 in disgorgement, prejudgment interest, and a civil penalty.


    He has also agreed to be permanently enjoined from violating the anti-fraud provisions of the Securities and Exchange Act. The SEC has also moved to voluntarily dismiss its charges against Gandra and Linga Rao Gannamaneni.


    The SEC's complaint had alleged that between December 2013 and August 2016, Gannamaneni abused his position as a senior software consultant at the investment bank and accessed sensitive, highly-confidential information concerning at least 40 mergers, acquisitions, tender offers and other significant corporate events of the investment bank's clients.


    Gannamaneni then illegally traded on that information and shared it with his father and wife who unlawfully traded on it, collectively realizing illicit profits of about $600,000.

    MORE International ARTICLES

    Indian-Origin Man Jaskaren Dayal Jailed For Killing Man In Car Accident In London

    An Indian-origin man has been sentenced to six years in prison in the UK for causing a death of another man due to dangerous driving.

    Indian-Origin Man Jaskaren Dayal Jailed For Killing Man In Car Accident In London

    Top Australian DJ Dead In Bali Accident

    Top Australian DJ Adam Sky has died while reportedly rushing to the aid of a woman who fell from a villa in the Indonesian resort island of Bali, authorities confirmed on Monday.

    Top Australian DJ Dead In Bali Accident

    Singapore Jails Indian Man For Bribing Pest Control Workers

    Singapore Jails Indian Man For Bribing Pest Control Workers
    An Indian construction site manager in Singapore has been jailed for six weeks for bribing two pest control company workers to notify him in advance of mosquito breeding inspections at his working place.

    Singapore Jails Indian Man For Bribing Pest Control Workers

    Meghan Markle Gives Birth To Baby Boy

    It’s a “healthy” baby boy for Prince Harry and wife Meghan Markle, making him seventh-in-line to the British throne.

    Meghan Markle Gives Birth To Baby Boy

    Pakistani Faces Trial For Strangling Indian Man To Death In Dubai

    Pakistani Faces Trial For Strangling Indian Man To Death In Dubai
    The 27-year-old construction worker is standing trial at the Dubai court for strangling his workmate to death with a piece of cloth.

    Pakistani Faces Trial For Strangling Indian Man To Death In Dubai

    Nepal Army, Wildlife Expert Dismiss Army’s Yeti Claim

    Stories of the Yeti first emerged as a facet of Western popular culture in the 19th century.

    Nepal Army, Wildlife Expert Dismiss Army’s Yeti Claim