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On Coinbase Nikel Wahi Pled Guilty Now Contests Restitution Bill so Income Doc Sept 27

By Matthew Russell Lee, Patreon Maxwell Book

SDNY COURTHOUSE, Sept 14 – 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.

On June 19 - Juneteenth - Ishan Wahi asked to delay his surrender from June 26 to July 17, to contest and try to change his designation to AUSP Thomson in Illinois. He wanted and wants Fort Dix or FCI Beamont or Bastrop.

Inner City Press live tweeted the earlier proceeding,  here 

On September 14, 2023, Judge Preska dismissed Nikhil Wahi's complaints about fees claimed by Coinbase, but gave him time to update his lowered income: "ORDER as to (22-Cr-392-2) Nikhil Wahi. Before the Court are a number of letters from counsel for the parties and counsel for Coinbase with respect to Mr. Nikhil Wahi's restitution obligations. (Dkt. nos. 86, 88, 109, 111, 113, 114.) The Court has also received in camera and reviewed billing records from Latham & Watkins to Coinbase relating to services rendered as a result of the Government's investigation of Mr. Wahi. [Also include L&W attorney affirmation.] With respect to the billing records, the Court has reviewed them and finds them to reflect services rendered in connection with the Government's investigation of Mr. Wahi and finds them to be reasonable both as to billing rate and time spent. With respect to Mr. Wahi's request that the Probation Office prepare a supplemental Presentence Investigation Report, the request is denied. Based on all of the documents on the record, the Court finds that it has "information sufficient... to exercise its discretion in fashioning a restitution order." 18 U.S.C. § 3664(a). Counsel for Mr. Wahi asserts that "his financial condition has changed materially since his sentencing." (Dkt. no. 111 at 3.) Accordingly, to the extent that Mr. Wahi wishes to update his financial condition, he may do so no later than September 27."

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


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