- Ishan Wahi is accused of insider trading
- He must surrender by June 21
- Ishan may serve his sentence at Fort Dix Federal Correctional Institution in New Jersey
Former Coinbase product manager Ishan Wahi was sentenced to 24 months in prison. On May 9, Loretta Preska announced the verdict.
A federal judge convicted Ishan of his role in using confidential information he obtained while working at Coinbase to make illegal profits.
The judge ordered the former Coinbase employee to turn himself in by June 21 at 2 p.m..
He is to serve his sentence at Fort Dix Federal Correctional Institution in New Jersey.
After serving his sentence, will be subject to two years of supervised release on each count.
“You spoke very well, you said all the right things. I hope you can make it up to your parents,” Preska addressed the defendant.
The former Coinbase employee, along with his brother Nikhil Wahi and assistant Samer Ramani, used secret information to generate profits.
They reportedly managed to earn $1.5 million through insider trading.
Nikhil pleaded guilty last September, and in January 2023 he received 10 months in prison.
Ishan himself addressed the judge and said he was very sorry for his actions and had made a huge mistake..
Prosecutors said that unlike his brother, Ishan was most guilty of orchestrating the insider trading scheme:
“This was not a one-time mistake – it had been going on for ten months..
To have access to the kind of information this defendant had access to was like reading the newspaper for the day ahead.”
In addition to charging the judge, the SEC also took aim at Ishan. The agency accuses him of violating securities laws.