Indian-origin man in California sentenced to prison for insider trading


An Indian-origin person who was involved in insider trading through which he made over a million dollars illegally was sentenced to six months in prison and ordered to forfeit $130,369.28, announced United States Attorney Ismail J. Ramsey and Federal Bureau of Investigation Special Agent in Charge Robert K. Tripp. The sentence was handed down by the Honorable Jon S. Tigar, U.S. District Judge on Feb. 16.

Federal authorities in the US have charged Dileep Kumar Reddy Kamujula 37, of the city of Fremont, California who pleaded guilty to the charge on November 3, last year.

Judge Tigar ordered the Kamujula to surrender to begin serving his prison term on April 15, 2024.

According to his plea agreement, Kamujula admitted that between April 9 and April 30, 2020, he used confidential Twilio customer usage data when purchasing approximately 167 Twilio call options that he sold on May 7 and May 8, 2020.  Kamujula obtained the confidential information from a relative who worked at Twilio and made a profit of more than $550,000 on the transactions.

A federal grand jury indicted Kamujula on March 24, 2022, charging him with securities fraud. He faces one count charges in violation of involving in illegal acts of using deceptive tactics to purchase or sell a security based on false information, and two counts of engaging in any act, practice, or course of business that operates or would operate as a fraud or deceit upon any person. Kamujula pleaded guilty to Count Two and Judge Tigar dismissed Count One on the government’s motion at the sentencing hearing, according to the press release.

In addition to the prison term, Judge Tigar also sentenced the defendant to serve three years of supervised release, to begin after the prison term.

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