The Securities and Exchange Commission (SEC) has obtained a default judgment against Sameer Ramani, a friend of a former Coinbase (NASDAQ:COIN) employee, pertaining to insider trading claims regarding crypto.
Last year, the SEC filed an enforcement action against Coinbase executive Ishan Wahi and his brother, Nikhil Wahi. The duo eventually settled the case with the SEC.
The two brothers had been accused of benefiting from Coinbase information prior to it becoming public knowledge.
The SEC claimed that Ishan Wahi had ignored Coinbase rules and leaked information to his brother, who traded on it. Ramani was also said to have been involved in the process.
According to the SEC, the US District Court for the Western District of Washington has entered a final judgment against Ramani and insider trading related to crypto listed on the Coinbase platform.
The default judgment has enjoined Ramani from violating the anti-fraud provisions of the Securities Exchange Act of 1934 and ordered Ramani to pay a disgorgement of $817,602 and a civil penalty of $1,635,204.
