The Securities and Exchange Commission (SEC) has announced the resolution of insider trading charges involving former Coinbase product manager Ishan Wahi and his brother, Nikhil Wahi. The pair had allegedly engaged in a scheme trading ahead of multiple announcements about new crypto assets becoming available for trading on Coinbase.
As part of the settlement, the SEC reports that the Wahi brothers consented to be permanently barred from violating Section 10(b) of the Securities Exchange Act and Rule 10b-5. They've agreed to disgorge their ill-gotten gains and pay prejudgment interest. The SEC will not pursue civil penalties as the brothers' assets in the criminal action would fulfill the SEC's disgorgement, provided the court approves the forfeiture. Crypto Criminal Defense Lawyer