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For Defrauding Public Company, Indian Techie Awarded Jail Term!
By: Tupaki Desk | 30 Dec 2022 12:28 PM IST
In an unfortunate trend, we are reading only bad news about Indians living in the United States of late. A few months back an Indian-origin person was found guilty of defrauding an American company and slapped with a jail term. For the charges of defrauding American multinational credit card company American Express for over 4 million dollars.
As another example, a 48-year-old person was convicted of fraud and faces around 25 years in jail. The Indian-origin person is in the IT sector and used the data of a company for the wrong uses and benefited from this. His charges are proven now.
One Sivannarayana Barama who is a former IT Specialist was employed with Palo Alto Networks, based in California. The Public Company's shares also fetch good revenue which indicates that the company has a good image among investors.
When he was with his former employer, he got his hand on confidential information concerning the company. A person who works in the IT department also joined hands with Barama and they both used the data for the wrong purposes and made the best of the crucial data.
As the accused got a hand on crucial information like the quarterly revenue and the financial performance of the company, Barama and the other person used the data to trade in the stocks. The data helped them to gain huge profits.
He got the data of the company between 2016 and 2017 and used it to trade the stocks. The company got to know about this and a case was filed against Sivannarayana Barama and the other accused. A few years back the IT person pleaded guilty and confessed that he defrauded the company.
However, Barama did not plead guilty and the investigating agencies gathered all the information and evidence against him and produced him before the court. The court reportedly convicted him of a few charges in connection with securities fraud and the misuse of internal data.
Reports said that Barama and the other person earned as much as $7.3 million in a fraudulent way. However, their crime was busted and the Indian techie is facing a jail term of two and a half decades reportedly.
As another example, a 48-year-old person was convicted of fraud and faces around 25 years in jail. The Indian-origin person is in the IT sector and used the data of a company for the wrong uses and benefited from this. His charges are proven now.
One Sivannarayana Barama who is a former IT Specialist was employed with Palo Alto Networks, based in California. The Public Company's shares also fetch good revenue which indicates that the company has a good image among investors.
When he was with his former employer, he got his hand on confidential information concerning the company. A person who works in the IT department also joined hands with Barama and they both used the data for the wrong purposes and made the best of the crucial data.
As the accused got a hand on crucial information like the quarterly revenue and the financial performance of the company, Barama and the other person used the data to trade in the stocks. The data helped them to gain huge profits.
He got the data of the company between 2016 and 2017 and used it to trade the stocks. The company got to know about this and a case was filed against Sivannarayana Barama and the other accused. A few years back the IT person pleaded guilty and confessed that he defrauded the company.
However, Barama did not plead guilty and the investigating agencies gathered all the information and evidence against him and produced him before the court. The court reportedly convicted him of a few charges in connection with securities fraud and the misuse of internal data.
Reports said that Barama and the other person earned as much as $7.3 million in a fraudulent way. However, their crime was busted and the Indian techie is facing a jail term of two and a half decades reportedly.