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Indian origin engineers and friends charged in $1 million insider trading scheme in US

Three Indian origin engineers working with Twilio and their associates have been charged in a $1 million insider trading scheme as the SEC charged three software engineers with sharing non public financial information to make stock bets ahead of earnings.

Three Twilio engineers had access to details on customer use and shared confidential information with friends and family members.

Three Indian origin engineers working with Twilio and their associates have been charged in a $1 million insider trading scheme as the SEC&nbsp;charged three software engineers with sharing non public financial information to make stock bets ahead of earnings.&nbsp;
Also read/watch |&nbsp;<a title="FedEx appoints Indian American Raj Subramaniam as new CEO" href="https://www.editorji.com/business-news/fedex-appoints-indian-american-raj-subramaniam-as-new-ceo-1648528881091" target="_blank">FedEx appoints Indian American Raj Subramaniam as new CEO</a> The allegation&nbsp; Between March and May 2020, as cloud based tools were surging due to work from home, Twilio engineers Lokesh Lagudu, Chotu Pulagam and Hari Sure accessed financial information from the company&rsquo;s databases. Through a private chat group, they shared that information with others, who then executed trades before Twilio announced&nbsp;first-quarter results in May 2020 as per the complaint.&nbsp; Also read/ watch |&nbsp;<a title="UAE &amp; India Economic Partnership kickstarts in May, expect trade boost: Piyush Goyal" href="https://www.editorji.com/business-news/economy/uae-india-economic-partnership-kickstarts-in-may-expect-trade-boost-piyush-goyal-1648522765416">UAE &amp; India Economic Partnership kickstarts in May, expect trade boost: Piyush Goyal</a> How it was executed Sure allegedly passed non public financial information to his friend Dileep Kamujula, and Pulagam gave details to his brother, Chetan Pulagam. Lagudu provided information to his girlfriend, Sai Nekkalapudi, and also his friend, Abhishek Dharmapurikar. Insider trade scam&nbsp; Twilio&rsquo;s results soared past estimates and the stock skyrocketed. Due to the scheme, the group generated over $1 million in profits, the SEC said.
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insider trading scheme

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