Thursday, 29 December 2022, Sivannarayana Barama, 48, an IT professional was convicted today by the California Jury of four counts of Security Fraud, Breach of information and conspiracy to commit securities fraud by a superseding indictment in December 2019. He will face a maximum statutory sentence of 25 years in prison for each count.
In the court presented evidence, Barama was known to be a previous employee at Palo Alto Works, where he met an employee who worked in the IT Department and traded information with him. Barama made profits of $7.3 million on his options trades based on confidential information obtained ahead of four different Palo Alto Networks earnings announcements.
Chief US District Judge Richard Seeborg still needs to set a sentencing hearing date for Barama. The subject remains free on bond pending his sentencing hearing; Along with him, other traders and participants in the insider trading scheme were also named in enforcement actions brought by the US Securities and Exchange Commission in 2019.
SOURCE: IANS | DECEMBER 29 2022
