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On Coinbase Wahi Projected Move to Dismiss but Ishan Wahi Pled Now Gets 24 Months in Jail

By Matthew Russell Lee, Patreon Maxwell Book

SDNY COURTHOUSE, May 9 – In what at least the defense is calling a novel crypto currency prosecution for insider trader, Ishan Wahi and Nikhil Wahi of Coinbase were arraigned on August 3, and their lawyer(s) made arguments about moving to dismiss.  Both Wahi initial bond orders, 12 pages, on Patreon here

On January 10, 2023, after pleading guilty, Wahi was sentenced to 10 months: " Defendant Nikhil Wahi present with his attorney Priya Chaudhry. AUSA Noah Soloweijczyk present. The defendant is sentenced to: 10 months incarceration followed by 2 years of supervised release. All standard terms and conditions of supervised release with the special conditions of: obeying the immigration laws and searches. Forfeiture in the amount of $892,500.00; special assessment in the amount of $100 to be paid promptly. Restitution deferred for 90 days. The defendant is to surrender to the facility designated no later than February 6, 2023."

On February 7, Ishan Wahi followed suit and pled guilty: "Change of Plea Hearing as to Ishan Wahi held on 2/7/2023. Defendant present Ishan Wahi with his attorneys Andrew St. Laurant and David Miller. AUSA Noah Soloweijczyk present. The agreement is acceptable to the Court. The defendant withdraws his pre[vious] plea of not guilty and enters a plea of guilty to counts one and two of the indictment. Sentencing scheduled for May 10, 2023 at 12:00

On May 2, the US asked that he be sentenced to 37 to 46 months.

On May 5, Ishan Wahi's lawyer wrote in that $900,000 Sameer Ramani made frmo trading XYO after "Coinbase itself mistakenly leaked information about the XY) listing on Coinbase's website."

On May 9, Judge Preska sentenced Wahi to 24 months in prison.

Inner City Press live tweeted the earlier proceeding,  here 

OK - as promised, now Co*nbase Wahi's arraignment, before  SDNY  Judge Preska. Both defendants plead not guilty.

AUSA Solowiejczyk: We proposed a $1 million bond for Ishan Wahi, secured by  funds in a brokerage account, approximately $150,000 when liquidated.

AUSA: Can transfer funds to pay attorneys' fees. [Why then did also crypto Eddy Alexandre today say his lawyer Bove is paid by "friends" / investors because all of his assets are frozen?

AUSA: For Nikhil Wahi, the security is $75,000. 

Nikhil Wahi's counsel [Priya Chaudhry, who also represented Jen Shah of #RHOSLC, who recently pled guilty -- despite Judge Sidney H. Stein's order, her unredacted sentencing memo has yet to be put into the docket]

 Wahi's counsel: This is not insider trading. There are no securities. There is a case before Judge Furman, US v. Chastain. [Inner City Press also covering that]. We intend to move to dismiss as this is not an insider trading case...

Wahi's counsel: Co*nbase was testing the tokens, people knew about it. So there's no property, and therefore no wire fraud issue. We will move to dismiss. Mr. Wahi was stopped at the airport and his electronics were seized under a forthwith grand jury subpoena

Wahi's counsel: We expect robust motions. AUSA: This prosecution is consistent with Carpenter & its progeny... All devices were lawfully obtained & searched.

Wahi's counsel: We'd like motions due in Jan, replies Feb 13.

The Court: And we'll get together March 22 at 10. Adjourned.

Previously, the US Attorney's Office said it was "charging ISHAN WAHI, a former product manager at Coinbase Global, Inc. (“Coinbase”), NIKHIL WAHI, and SAMEER RAMANI, with wire fraud conspiracy and wire fraud in connection with a scheme to commit insider trading in cryptocurrency assets by using confidential Coinbase information about which crypto assets were scheduled to be listed on Coinbase’s exchanges."

On September 12, this: "Change of Not Guilty Plea to Guilty Plea as to Nikhil Wahi (2) Count 1... The defendant withdraws his previous plea of not guilty and enters a plea of guilty."

The guideline sentence is 37 to 46 months. On April 25, 2023, Wahi asked for no more than 10 months. Watch this site.

The case is US v. Wahi, et al., 22-cr-392 (Preska)  


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