{"id":81114,"date":"2022-03-29T00:45:18","date_gmt":"2022-03-29T04:45:18","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=81114"},"modified":"2022-03-29T00:30:25","modified_gmt":"2022-03-29T04:30:25","slug":"sec-charges-seven-california-residents-in-insider-trading-ring","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/03\/2022\/sec-charges-seven-california-residents-in-insider-trading-ring.html","title":{"rendered":"SEC Charges Seven California Residents in Insider Trading Ring"},"content":{"rendered":"\n<p>(HedgeCo.Net) The Securities and Exchange Commission has announced insider trading charges against three software engineers employed at <strong>Twilio, Inc.<\/strong>, a San Francisco-based cloud computing communications company, and four family members and friends for allegedly generating more than <strong>$1 million<\/strong> in collective profits by insider trading ahead of the company\u2019s positive first quarter 2020 earnings announcement on May 6, 2020.<\/p>\n\n\n\n<p>According to the SEC\u2019s complaint, friends Hari Sure, Lokesh Lagudu and Chotu Pulagam were software engineers at Twilio and had access to various databases relevant to the company\u2019s reporting of revenue. As alleged, around March 2020, they learned through the databases that Twilio\u2019s customers had increased their usage of the company\u2019s products and services in response to health measures taken in light of the Covid-19 pandemic, and concluded in a joint chat that Twilio\u2019s stock price would \u201crise for sure.\u201d<\/p>\n\n\n\n<p>The SEC\u2019s complaint alleges that despite receiving a company policy that prohibited them from insider trading, Sure, Lagudu and Chotu Pulagam knowingly tipped off, or used the brokerage accounts of, their family and close friends \u2013 Dileep Kamujula, Sai Nekkalapudi, Abhishek Dharmapurikar and Chetan Pulagam \u2013 to trade Twilio options and stock in advance of its May 6, 2020 earnings announcement while in possession of the confidential information concerning customer usage. According to the complaint, the scheme generated more than $1 million in illegal trading profits.<\/p>\n\n\n\n<p>&#8220;We allege that this insider trading ring took advantage of valuable revenue information related to the pandemic at a San Francisco tech company,&#8221; said Monique C. Winkler, Acting Regional Director of the SEC\u2019s San Francisco Regional Office. &#8220;We are holding these alleged tippers and tippees accountable for their roles in the scheme.&#8221;<\/p>\n\n\n\n<p>The SEC\u2019s complaint, filed in the Northern District of California, charges each of the defendants with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.Net) The Securities and Exchange Commission has announced insider trading charges against three software engineers employed at Twilio, Inc., a San Francisco-based cloud computing communications company, and four family members and friends for allegedly generating more than $1 million in [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047],"tags":[],"class_list":["post-81114","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/81114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=81114"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/81114\/revisions"}],"predecessor-version":[{"id":81115,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/81114\/revisions\/81115"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=81114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=81114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=81114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}