Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

Indian IT Contractor to Settle Insider Trading Charges by Paying $800,000 in Penalties

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.

PTI

Updated:June 28, 2019, 11:14 AM IST
facebookTwitterskypewhatsapp
Indian IT Contractor to Settle Insider Trading Charges by Paying $800,000 in Penalties
Image for representation. (File photo/ Reuters)
Loading...

New York: 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 USD 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.

| Edited by: Ahona Sengupta
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results