The SEC charged an IT contractor and two of his family members
with insider trading.
In a Complaint filed in the U.S.
District Court for the Southern District of New York, the SEC
alleged that Rajeshwar R. Gannamaneni, a former IT contractor at an
investment bank in Singapore, abused his position of trust as a
consultant and was able to access highly confidential information
concerning over 40 mergers, acquisitions, tender offers and other
corporate events of the bank's clients. The SEC claimed that
Mr. Gannamaneni illegally traded on that information and/or shared
it with two family members, who also allegedly traded on the
information. According to the SEC, the three collectively earned
around $600,000 in profits.
