- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-01-10T20:33:00
The brother of a former Coinbase employee has been sentenced to 10 months in prison for his role in a groundbreaking insider trading scheme involving cryptocurrency.
Nikhil Wahi was sentenced to prison and ordered to repay $892,500 in forfeiture by a U.S. District Court judge, U.S. Attorney Damian Williams announced Tuesday in a press release. Wahi, brother of former Coinbase manager Ishan Wahi, pleaded guilty to one count of wire fraud conspiracy in September.
The scheme, which began in October 2020, involved Ishan Wahi passing along confidential information about which cryptocurrency assets were about to be listed on Coinbase’s platform to his brother, who then bought the assets before they were listed. Nikhil Wahi would then sell the assets at a profit after they were listed, prosecutors said.
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Ishan Wahi, a former Coinbase product manager, pleaded guilty to wire fraud conspiracy in the first cryptocurrency insider trading case.
Cryptocurrency exchange Coinbase agreed to pay $100 million as part of a settlement with the New York State Department of Financial Services for compliance failures that opened the door for criminals to carry out illegal activity through the platform.
Nikhil Wahi, brother of former Coinbase product manager Ishan Wahi, pleaded guilty to one count of wire fraud conspiracy as part of the Department of Justice’s first case regarding the insider trading of cryptocurrency assets.
Financial services firm Cantor Fitzgerald will pay a $6.75 million fine to the Securities and Exchange Commission for making misleading statements regarding two special purpose acquisition companies that it controlled.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
