Puneet Dikshit - dis pundek is in deep shit

[LITTLEREDDOT]

Guess race and from which country?

Indian-Origin Partner At McKinsey Firm Arrested On Insider-Trading Charges​

Puneet Dikshit, a partner at a global management consulting firm McKinsey & Company, has been charged with "illegally trading in advance of a corporate acquisition by one of the firm's clients in September."​

Indians Abroad
Press Trust of India
Updated: November 11, 2021 4:51 pm IST

The accused was arrested and charged with two counts of securities fraud. (Representational)



New York:
Puneet Dikshit, a 40-year-old Indian-origin partner at management consulting giant, McKinsey & Company, has been arrested and charged with insider-trading and making illegal profits totalling over $450,000 in the US.
Puneet Dikshit, a partner at a global management consulting firm, has been charged with "illegally trading in advance of a corporate acquisition by one of the firm's clients in September," the Securities and Exchange Commission (SEC) said in a statement on Wednesday.
He was arrested on Wednesday and charged with two counts of securities fraud - violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder - and faces up to 20 years in prison on each count, the Department of Justice said in a press release.
Representing McKinsey as partner, Puneet Dikshit learned highly confidential information concerning The Goldman Sachs Group's impending acquisition of the consumer loan fintech platform GreenSky Inc, the SEC statement said.
The SEC's complaint, filed in Federal District Court of Manhattan, alleged that in the days leading up to the acquisition announcement on September 15, 2021, Puneet Dikshit used inside information to purchase out-of-the-money GreenSky call options that were set to expire just days after the announcement. Following the takeover, GreenSky share prices jumped 44 per cent, CNBC reported.
The SEC's complaint further alleged that Dikshit violated his firm's policies by failing to pre-clear these options purchases, which he sold on the morning of the acquisition announcement for illicit profits totalling over $450,000.
US Attorney Damian Williams said, "As alleged, Puneet Dikshit, a consulting firm partner, exploited his access to material nonpublic information about a pending acquisition of GreenSky, Inc., to trade in GreenSky call options. This breach of duties to his firm and its investment bank client - and violation of the law - allegedly reaped the defendant nearly half a million dollars in illegal profits. Now Puneet Dikshit has been charged with serious felonies for his alleged conduct."

"As alleged, Dikshit exploited his access to material nonpublic information regarding the acquisition of Green Sky to profit from trades he made in options markets," FBI Assistant Director Michael J. Driscoll said in a statement.
"Actions like those we allege serve to undermine the public's confidence in the integrity of financial markets, and, as we have demonstrated time and again, the FBI and our partners are committed to ensuring a level playing field for all investors," Driscoll said, adding that Dikshit now faces significant federal charges, which should serve as a warning to others considering similar conduct.
Puneet Dikshit's lawyers at Kramer Levin did not immediately respond to requests for comment, CNBC reported.
"We have terminated the employment of a partner for a gross violation of our policies and code of conduct. We have zero tolerance for the appalling behavior described in the complaint, and we will continue cooperating with the authorities," McKinsey told CNBC news outlet.

"We allege that Dikshit breached duties to his employer and his client by misusing their confidential information for his own financial gain. Thanks to our trading analysis tools, we were able to move swiftly to hold him accountable for his actions and protect the fairness of our securities markets," Joseph G Sansone, chief of the SEC's Market Abuse Unit, said in a statement.

 

[LITTLEREDDOT]

Indian financiers don't play by the rules, they want to get rich by various means

Rajat Gupta guilty of insider trading​

By Grant McCool and
Basil Katz
June 15, 2012
NEW YORK — Rajat Gupta, a consummate business insider who once sat on the board of Goldman Sachs Group, was convicted Friday of leaking secrets about the investment bank at the height of the financial crisis, a major victory for prosecutors seeking to root out illicit trading on Wall Street.
A Manhattan federal court jury delivered the verdict on its second day of deliberations, finding that Gupta fed stock tips to his hedge-fund manager friend Raj Rajaratnam gleaned from confidential Goldman board meetings. Gupta was found guilty of four of six criminal counts and could face a prison term of up to 25 years.
The conviction burnishes the record of the U.S. Attorney’s Office in Manhattan, which has spent the past several years aggressively prosecuting insider trading. More than 60 people have pleaded guilty or have been convicted in cases brought by the FBI and the Manhattan U.S. Attorney in the past four years.
In its case against Gupta, who headed elite business consultancy McKinsey & Co for nine years and is the most prominent person charged in the insider-trading crackdown, the government faced a challenge. There was no evidence that he traded on any of the information he allegedly leaked, and the government did not have the trove of FBI wiretaps that helped win a conviction last year of Rajaratnam, who is serving 11 years in prison.
Jury foreman Rick Lepkowski told reporters after the verdict: “On the counts we convicted, we felt there was enough circumstantial evidence.” He said wiretaps in which Rajaratnam was heard telling two of his traders about the board information “didn’t tip the balance.”

The verdict capped a four-week trial that featured Goldman chief executive Lloyd Blankfein as a star government witness. All of the counts Gupta was convicted of involved tips and trades in Goldman stock in September and October 2008, including passing inside information on a crucial $5 billion investment by Warren Buffett’s Berkshire Hathaway.
As the verdict was read in court by the jury foreman, there was a gasp when Gupta was pronounced “not guilty” on the first count of securities fraud. It involved whether Gupta told Rajaratnam about Goldman’s quarterly earnings after a March 12, 2007 board meeting. He was then declared guilty on three other securities fraud counts and a count of conspiracy.
Gupta, 63, also was found not guilty of divulging the quarterly earnings in January 2009 of Procter & Gamble, where he also served as a board member.
After the verdict, an ashen-faced Gupta glanced grimly back at his wife and daughters. Later, the family stood together hugging in the courtroom as Gupta tried to console his distraught, sobbing daughters and wife.
“This is only round one,” his defense attorney, Gary Naftalis, told reporters. “We will be moving to set aside the verdict and will, if necessary, appeal the conviction.”
Gupta, who lives in Westport, Conn., is also a former director at American Airlines and had ties to a prominent business school in his native India. Well known in philanthropic circles, he advised groups such as the Bill and Melinda Gates Foundation to help fight AIDS, malaria and tuberculosis in developing countries.
Gupta “achieved remarkable success and stature, but he threw it all away” Manhattan U.S. Attorney Preet Bharara said in a statement after the verdict.

U.S. District Judge Jed Rakoff scheduled a tentative sentencing date of Oct. 18. The maximum sentence for securities fraud is 20 years and the maximum sentence for conspiracy is five years, although it seems unlikely that Gupta would receive such a heavy punishment.
— Reuters

 

[LITTLEREDDOT]

Only the PAP ministers are naive enough to open legs for them.
Business

Raj Rajaratnam, hedge fund billionaire, gets 11-year sentence for insider trading​

By David S. Hilzenrath
October 13, 2011
Raj Rajaratnam, the hedge fund billionaire at the center of one of the largest insider trading cases in history, was sentenced Thursday to 11 years in prison.
It was the longest prison term ever for insider trading, according to the Justice Department, and was the culmination of a years-long federal probe of cheating in the stock market.
But it was also substantially less than what the prosecution had sought against the man it called “a billion-dollar force of deception and corruption on Wall Street.”
The 54-year-old Rajaratnam, who headed Galleon Management, was convicted in May on 14 counts of conspiracy and securities fraud for illegally using inside information to trade in stocks such as Goldman Sachs, Google, Hilton and Intel. The trading generated profits or avoided losses of $72 million, the government estimated.
The case pulled back the curtain on illicit trafficking in corporate secrets that involved people at the highest echelons of the financial world and gave hedge funds a competitive edge. The 11-year sentence reflects a trend toward tougher treatment of insider-trading convicts, said former federal prosecutor Robert W. Ray.

Less than a decade ago, it would have been unusual for a defendant in a major insider trading case to get more than two years, Ray said.
Rajaratnam’s crimes “reflect a virus in our business culture that needs to be eradicated,” U.S. District Judge Richard J. Holwell said at the sentencing in New York.
“It is a sad conclusion to what once seemed to be a glittering story,” Manhattan U.S. Attorney Preet Bharara said in a news release.
Bharara said he hoped the case served as a wake-up call.
“Privileged professionals do not get a free pass to pursue profit through corrupt means,” he said.
Rajaratnam was ordered to forfeit $53.4 million and pay a fine of $10 million. Out on $100 million bail, he is scheduled to report for prison on Nov. 28.
The Justice Department opposed allowing Rajaratnam to stay out of prison while he appeals, saying he might flee to his native Sri Lanka or some other country.He “would have access to tens of millions of dollars by the mere touch of a keystroke,” the government said in a court filing.

Rajaratnam will appeal his conviction, Kathryn Holmes Johnson, a spokeswoman for his legal team, said by e-mail.
The Associated Press reported from New York that defense lawyers asked that Rajaratnam be allowed to go to the medical facility at the Butner Federal Correctional Complex in North Carolina, where Bernard Madoff is serving his 150-year sentence for running a Ponzi scheme that cheated thousands of people out of billions of dollars.
Though Rajaratnam did not testify at his trial, the prosecution made extensive use of wiretaps of his conversations with associates.
According to the government, Rajaratnam gathered inside information about pending corporate deals and earnings announcements from an array of tipsters, including a Goldman Sachs board member, a senior partner at the consulting firm McKinsey & Co. and an insider at the Moody’s credit rating agency.
To pay for inside information, Rajaratnam wired money to offshore accounts in phony names, the government said. He lied under oath when called in for questioning by the Securities and Exchange Commission, told others to use prepaid cellphones and created false e-mails as cover stories to disguise the basis for his trades, the government said.
The Justice Department had urged the court to sentence Rajaratnam to at least 19 years and seven months and as much as 24 years and five months. Such a term was warranted to “provide just and fair punishment for perhaps the worst insider trading offender” caught to date “and deter others,” the Justice Department wrote.
Defense lawyers had countered that the sentence the government sought “would ensure Mr. Rajaratnam’s death in prison — a fate ordinarily reserved only for offenders who have caused the most grave, irreversible, and demonstrable harm to others.”
Rajaratnam “suffers from a constellation of serious and degenerative illnesses which require intensive ongoing medical attention and which even under the best of circumstances will almost certainly shorten his life considerably,” they said in a court filing.
In determining the sentence, Holwell cited Rajaratnam’s need for a kidney transplant and his advanced diabetes, the AP reported. The judge also credited Rajaratnam’s charity work, which he called “the defendant’s responsiveness to and care for the less privileged.”
Asked if he wished to speak, Rajaratnam said only, “No, thank you, your honor,” according to AP.
The insider trading case was the most prominent of its kind since Ivan Boesky was convicted a generation ago.
Rajaratnam will join a list of high-profile white-collar financial figures sent to prison, including former Enron executive Jeffrey Skilling, former WorldCom executive Bernard Ebbers and Ponzi scheme mastermind Madoff .
The federal system offers no possibility of parole and only limited credit for good behavior, so it is likely that Rajaratnam will be locked up for at least nine years, said Douglas A. Berman, a law professor at Ohio State University who specializes in criminal sentencing.
Berman said he was surprised that Rajaratnam’s sentence “was as low as it was.” As a deterrent, “there’s reasons to worry this isn’t going to move the needle much,” Berman said.
Sentences for insider trading tend to be significantly lighter than the punishments meted out in major accounting frauds, said Michael Perino, a professor at the St. John’s University School of Law. That might be because the economic impact of insider trading is more diffuse and impersonal than the fallout from accounting frauds such as Enron’s, in which employees lost jobs and particular investors lost huge sums of money, Perino said.
WorldCom’s Ebbers was sentenced to 25 years. Enron’s Skilling was originally sentenced to 24 years but is awaiting resentencing based on an appeal.

 

[Leongsam]

I've heard of dick cheese but not of dick shit. He must have stuck his rod up an asshole.

 

[blackmondy]

When your surname described you perfectly.....

 

[syed putra]

Maybe they hired him just to make the place seems more diverse as the name may tarnish the firm's branding.

 

[A Singaporean]

Lie and cheat are the DNA of Ah Nehs.

 

[Rogue Trader]

Cham lah... All these ah neh conmen in silicon valley and wall street ... They are ticking time bombs going to collapse American businesses like 9-11