SEC charges three Indians in insider trading ring spanning three countries

The SEC obtained a court-ordered freeze of assets in three US brokerage accounts and one US bank account connected to the alleged trading.

SEC, India IT contractor US, US SEC, insider trading SEC, world news, Indian express, latest news — The SEC’s complaint charges the defendants with fraud and seeks disgorgement of allegedly ill-gotten gains, pre-judgment interest, penalties, and injunctive relief. (Representational image)

An Indian IT contractor, his wife and father have been charged in the US with insider trading after he illegally tipped them with confidential client information he stole while working in the Singapore branch of an investment bank.

Rajeshwar Gannamaneni, 36, is a citizen of India with a last known residence in Singapore. He provided nonpublic information about impending mergers, acquisitions, and tender offers to his wife, Deepthi Gandra, 33 and his father, Linga Rao Gannamaneni, 68 who lives in India, The Securities and Exchange Commission said in a statement.