Man Charged in Coinbase Insider-Trading Scheme To Pay the US Exchange $469,525.50 in Restitution
One of the perpetrators in the first-ever crypto insider trading case is required to pay digital asset exchange Coinbase in addition to serving jail time.
A New York District Court filing signed by Judge Loretta A. Preska on April 6th orders Nikhil Wahi, brother of former Coinbase product manager Ishan Wahi, to pay the exchange $469,525.50 in restitution while serving his sentence behind bars.
“The defendant shall make installment payments toward restitution and may do so through the Bureau of Prisons’ (BOP) Inmate Financial Responsibility Plan (IFRP). Any unpaid amount remaining upon release from prison will be paid in installments of at least 10 percent of the defendant’s gross income on the 15th day of each month.”
The Wahi brothers and their friend Sameer Ramani are accused of trading crypto assets using confidential information about which tokens are scheduled to be listed on Coinbase.
In January, Nikhil was sentenced to 10 months in prison for his role in the scheme. He was also ordered to pay $892,500 in forfeiture.
The new Order of Restitution says Nikhil has to pay Coinbase within 20 years from the entry of judgment or release from imprisonment. His brother Ishan will be liable in case of his failure to pay.
“Restitution is joint and several with the following defendants in the following case: Ishan Wahi in 22 Cr. 392 (LAP). The defendant’s liability to pay restitution shall continue unabated until either the defendant has paid the full amount of restitution ordered herein, or every victim in Schedule A has recovered the total amount of each loss from the restitution paid by the defendant and all co-defendant ordered to pay the same victims.”
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