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Ishan Wahi, the former Coinbase Product Manager has reached a settlement with the United States Securities and Exchange Commission (SEC) for one of the first insider trading cases flagged in the cryptocurrency ecosystem. According to the regulator, the settlement also featured Ishan’s brother Nikhil Wahi, both of whom played a key role in the insider trading offense for which they were charged.
The Wahi brothers were charged with trading at least 25 different digital currencies based on Ishan’s prior knowledge of their listing on the trading platform, a benefit of his role as a product manager with the exchange. Per the terms of the settlement, the Wahi brothers have agreed to return the ill gotten gains from their activities. They will also be paying the accrued prejudgment interests related to the case.
The insider trading activities by both brothers was flagged back in July last year and through a series of coordinated investigative efforts, both of them were apprehended and charged to Court. Earlier development revealed that Nikhil was sentenced to 10 months imprisonment back in January this year while Ishan bagged 2 years for his misconduct.
Additional Demand Placed on the Former Coinbase Manager
Despite the jail terms, Ishan has been ordered to forfeit 10.97 Ether and 9,440 Tether, and Nikhil was ordered to forfeit $892,500.
Besides these forfeitures, Ishan has also agreed to cooperate with the SEC in any investigations that might relate with the case. As part of the accusation, the SEC said of the 25 cryptocurrencies that were flagged, at least 9 of the assets were deemed to be unregistered securities.
This implies the regulator might also plan to take more aggressive action against Coinbase, both of whom are currently embroiled in a legal battle at this time.
“While the technologies at issue in this case may be new, the conduct is not. We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement, “The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC.”
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