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- 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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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
2023-02-07T20:13:00Z By Aaron Nicodemus
Ishan Wahi, a former Coinbase product manager, pleaded guilty to wire fraud conspiracy in the first cryptocurrency insider trading case.
2023-01-04T19:46:00Z By Adrianne Appel
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.
2022-09-13T20:20:00Z By Aaron Nicodemus
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.
2024-07-02T20:35:00Z By Adrianne Appel
Three former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
2024-07-02T14:42:00Z By Adrianne Appel
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
2024-07-02T13:50:00Z By Aaron Nicodemus
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
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