Inner City Press





In Other Media-eg New Statesman, AJE, FP, Georgia, NYTAzerbaijan, CSM Click here to contact us     .



These reports are usually available through Google News and on Lexis-Nexis
,



Share |   

Follow on TWITTER

Home -

These reports are usually available through Google News and on Lexis-Nexis

CONTRIBUTE

(FP Twitterati 100, 2013)

ICP on YouTube

More: InnerCityPro

BloggingHeads.tv
Sept 24, 2013

UN: Sri Lanka

VoA: NYCLU

FOIA Finds  

Google, Asked at UN About Censorship, Moved to Censor the Questioner, Sources Say, Blaming UN - Update - Editorial

Support this work by buying this book

Click on cover for secure site orders

also includes "Toxic Credit in the Global Inner City"
 

 

 


Community
Reinvestment

Bank Beat

Freedom of Information
 

How to Contact Us



McKinsey's Dikshit Got 24 Months After Pled to Insider Trading Now Contests It Pro Se

By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, May 3 – November 10, 2021 saw "the unsealing of a criminal complaint charging PUNEET DIKSHIT, a partner in a global management consulting firm (the “Consulting Firm”), with securities fraud in connection with a scheme to commit insider trading based on material, nonpublic information regarding the upcoming public announcement that an investment bank (the “Investment Bank”) – which DIKSHIT and the Consulting Firm were advising – would be acquiring GreenSky, Inc. (“GreenSky”). 

 On April 6, 2022, Dikshit who was seeking no jail time, just deportation, was sentenced to 24 months. Inner City Press live tweeted it here:

Dikshit is being sentenced right now in 24A

 AUSA: Other McKinsey partners have been convicted of insider trading in this courthouse.

Judge Colleen McMahon: They do seem to have a problem over there.

Defense: He's paid $455,000. He empowered his wife. He changes diapers. He fed the homeless in Mumbai.

 Defense: Mr Dikshit worked for Citibank. His wife's H1B visa is contingent on his status. So he won't consent to removal.

 Judge: Wasn't wife's account used?

 Judge McMahon: It's brazen. He wasn't a 1st year associate. Dikshit: I'm sorry. This crime is not who I am. Judge: What *were* you thinking??

 Judge McMahon: Everybody out there thinks people on Wall Street cheat. And you did. I want the word to go out: insider traders must be jailed.

 Judge McMahon: I sentence you to 24 months.

On April 18, Kramer Levin for Dikshit asked for permission to him to move to Atlanta, Georgia from April 30 until his scheduled surrender on July 11, saying his lease expires on April 30. Also, he has beeen going to Windsor, NJ to pray at BAPS Shri Swaminarayan Mandir.

On April 19 Judge McMahon endorsed the move to Georgia -- "OK with me" -- and switched the requested designation to Danbury-low.

On May 3 Dikshit, now without a lawyer, from his 30th floor apartment on East 56th Street asked for a sentence reduction, citing Blakstad, a case Inner City Press has also covered. Will it be granted? Watch this site.

Back in November 2021 it was said, "The defendant was arrested earlier today and will be presented this afternoon before U.S. Magistrate Judge Kevin N. Fox."

   Now retired Judge Fox, when the time came, approved Dikshit's release on $1 million bond secured by $50,000 cash or property, signature of his wife required, other conditions to be met by November 19, 2021.  

While the above airbrushed out McKinsey and Goldman Sachs, they are "Consulting Firm" and "Investment Bank" respectively.

On December 15, 2021 Dikshit pleaded guilty: "PUNEET DIKSHIT, a former partner in a global management consulting firm (the “Consulting Firm”), pled guilty to one count of securities fraud in connection with his scheme to commit insider trading based on material, nonpublic information regarding the upcoming public announcement that an investment bank (the “Investment Bank”) – which DIKSHIT and the Consulting Firm were advising – would be acquiring GreenSky, Inc. (“GreenSky”).  The defendant pled guilty before U.S. District Judge Colleen McMahon."

The plea agreement provides for a guideline sentence of 30 to 37 months (plea agreement on Patreon here). He is scheduled to be sentenced on March 30, 2022.

  But on that day, when Inner City Press went, the sentencing was postponed - to April 6, it was said. Into the docket on April 4 went a letter from the prosecutors, that they "underwood that the defendant would consent to a motion for a judicial order of removal" to India... "Today, the defendant advised the Government that he would not consent to such a motion."

The case is US v. Dikshit, 21-cr-760 (McMahon)

***

SDNY
Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron.

Feedback: Editorial [at] innercitypress.com
SDNY Press Room 480, front cubicle
500 Pearl Street, NY NY 10007 USA

Mail: Box 20047, Dag Hammarskjold Station NY NY 10017

Reporter's mobile (and weekends): 718-716-3540



Other, earlier Inner City Press are listed here, and some are available in the ProQuest service, and now on Lexis-Nexis.

 Copyright 2006-2021 Inner City Press, Inc. To request reprint or other permission, e-contact Editorial [at] innercitypress.com