An NRI who was probably involved in one of the biggest frauds ever in the history of United States is likely to get 25 years of imprisonment with the verdict due.
Going into details, the NRI was identified as Barama Sivanarayana who worked in multiple tech companies in the Silicon Valley of the USA. The 48 years old indulged in insider-trading after learning confidential information related to the financial performance of Palo Alto Networks company. Later this information was put in public and traded in company’s stock.
For this, Sivanarayana took the help of another employee who worked in the same company. From October 2016 to September 2017, Sivanarayana gathered extremely confidential details of the company.
Sivanarayana traded based on this confidential information and made profits worth $7.3 million dollars (73 Lakh dollars). But he was caught with FBI entering the scene and he was charged and convicted on four counts of security fraud in violation of 18 U.S.C section 1348.
The Chief United States District Judge Richard Seeborg is yet to set a sentencing hearing date for Sivanarayana.
This post was last modified on 30 December 2022 9:57 pm
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