A former Coinbase Global Inc (COIN.O) product manager and his brother settled SEC insider trading charges.
In a statement, the SEC said Ishan Wahi and his brother, Nikhil, settled civil accusations that they engaged in a scheme to trade ahead of various announcements about at least nine crypto asset securities that would be accessible on Coinbase’s platform.
“While the technologies at issue in this case may be new, the conduct is not,” said SEC enforcement director Gurbir Grewal.
Ishan Wahi’s lawyer didn’t comment on the settlement. Instead, he pled guilty to tipping off his brother Nikhil and a friend about digital assets that would be posted on Coinbase, one of the world’s major crypto exchanges.
Ishan Wahi received a two-year term this month. Nikhil Wahi received a 10-month sentence in January. His lawyer didn’t immediately comment.
Both brothers accepted the SEC’s accusations. Accordingly, the accompanying criminal actions covered the SEC disgorgement order, and neither was penalized.
As the SEC ramps up crypto enforcement, the case has garnered attention. The regulator has sued the Wahi brothers and others, claiming that many digital assets are securities within its jurisdiction.
Ishan Wahi’s lawyer didn’t comment on the settlement. Instead, he pled guilty to tipping off his brother Nikhil and a friend about digital assets that would be posted on Coinbase, one of the world’s major crypto exchanges.
Ishan Wahi received a two-year term this month. Nikhil Wahi received a 10-month sentence in January. His lawyer didn’t immediately comment.
Both brothers accepted the SEC’s accusations. Accordingly, the accompanying criminal actions covered the SEC disgorgement order, and neither was penalized.
As the SEC ramps up crypto enforcement, the case has garnered attention. The regulator has sued the Wahi brothers and others, claiming that many digital assets are securities within its jurisdiction.