- Ishan Wahi accused of insider trading
- He must surrender by June 21st.
- Ishan may serve his sentence at Fort Dix Federal Correctional Institution in New Jersey
Former Coinbase Product Manager Ishan Wahi sentenced to 24 months in prison. On May 9, Loretta Presca announced the verdict. Ishan was convicted by a federal judge for his role in using sensitive information he obtained while working at Coinbase to make illegal profits.
The judge ordered the former Coinbase employee to surrender by June 21 at 2:00 pm. He is due to serve his sentence at the Fort Dix Federal Correctional Institution in New Jersey. After serving time, will be subject to a two-year supervisory release on each count.
“You spoke very well, you said all the right things. I hope you can make amends to your parents“Preska turned to the accused.
The former Coinbase employee, along with his brother Nikhil Wahi and assistant Samer Ramani, used classified information to make a profit. It is reported that with the help of insider trading they managed to earn $ 1.5 million. Nikhil pleaded guilty in September last year, and in January 2023 received 10 months in prison.
Ishan himself turned to the judge and said that he was very sorry for his actions and made a huge mistake. Prosecutors said that unlike his brother, Ishan was most guilty of running the insider trading scheme:
“This was not a one-time mistake – it happened over a period of ten months. Having access to the kind of information that this accused had access to was like reading a newspaper a day ahead.”
In addition to blaming the judge, the SEC also targeted Ishan. The agency accuses him of violating securities laws.
