The U.S. Securities and Exchange Commission (SEC) settled charges with a former Coinbase (COIN) product manager and his brother tied to 2022 allegations of insider trading on certain cryptocurrencies listed by the exchange, the regulator announced Tuesday. Ishan Wahi and his brother Nikhil Wahi were arrested last year on charges of wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading. On the same day, the SEC brought insider trading charges against the duo. In Tuesday’s announcement, the SEC said the brothers agreed to disgorge their gains. Both brothers previously pleaded guilty to the Department of Justice criminal charges, with Ishan Wahi now facing a 2-year sentence and Nikhil Wahi serving a 10-month sentence. The SEC said that the brothers’ fines from their criminal case satisfy the civil case’s settlements, and it would not seek any other penalties.
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