A federal judge has sentenced Ishan Wahi, a former Coinbase Global product manager accused of insider trading, to 24 months in prison.
In a hearing held on May 9 in the United States District Court for the Southern District of New York, Judge Loretta Preska sentenced Wahi to 24 months in prison for his role in using confidential information he obtained during his time at Coinbase to profit from new token listings, totaling up to $1.5 million.. Preska ordered Wahi to turn himself in by June 21 at 2:00 PM ET to serve his sentence at the Fort Dix Federal Correctional Institution in New Jersey. Following his prison term, he will be subject to two years of supervised release for each charge, to be served concurrently.
“He has spoken very well, he has said all the right things,” the judge said of Wahi. “I hope you can make it up to your parents.”
The former Coinbase employee—along with his brother Nikhil Wahi and partner Sameer Ramani—allegedly used sensitive information he obtained from Coinbase to profit from new token listings, totaling more than $1 million. US authorities detained Ishan and Nikhil in July 2022, when they were trying to fly to India.
The brothers pleaded guilty to criminal insider trading charges, and Ishan reportedly accepted a sentence of between 36 and 47 months in prison. Nikhil pleaded guilty to charges related to wire fraud conspiracy in September 2022 and was subsequently sentenced to 10 months in prison.. At press time, Ramani was still at large.
This is a developing story, and more information will be added as it becomes available.
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