A federal judge has given Ishan Wahi, former product manager, Coinbase Global, a 24 months worth of prison time due to being involved with insider trading, as stated by Cointelegraph.
According to Cointelegraph, the sentencing happened at United States District Court of New York’s Southern District. It’s believed that Judge Loretta Preska found Wahi guilty of utilising confidential information during working with Coinbase to profit off new listings of tokens, worth $1.5 million. Reportedly, Wahi has been ordered to surrender within June 21, 2023.
Based on Cointelegraph’s information, Wahi, along with his brother Nikhil Wahi and associate Sameer Ramani, are responsible for the illegal actions. In July, 2022, Wahi brothers were apprehended by US officials during their attempt of fleeing to India. Sources suggest that Wahi’s counsel laid down the argument of considering Ishan’s United States-based immigration position, about it being a non-violent crime and with “zero criminal history” before the arrest.
Moreover, Cointelegraph noted that Wahi brothers accepted all criminal charges against them, with Ishan reportedly agreeing to a 36-47 months worth of prison sentence. Nikhil also pleaded guilty to wire fraud conspiracy charges in September, 2022, with him receiving 10 months of prison time.
(With insights from Cointelegraph)