Rakesh Ahuja

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26533 / April 21, 2026

Securities and Exchange Commission v. Rakesh Ahuja, Civil Case No. 26-cv-03213 (S.D.N.Y. filed April 20, 2026)

SEC Files Settled Action as to Former Investment Advisory Firm Employee Charged with Insider Trading

On April 20, 2026, the Securities and Exchange Commission filed a settled action as to Rakesh Ahuja, a former employee of an investment advisory firm, for allegedly insider trading based on confidential information he obtained during his employment.

According to the SEC’s complaint, filed in the United States District Court for the Southern District of New York, Ahuja worked for an investment advisory firm that provided investment advisory services to two pooled investment funds that specialized in making investments in biopharmaceutical and biotechnology companies. The SEC alleges that the advisory firm provided Anuja with material nonpublic information, including confidential clinical trial data, from these companies as part of its due diligence process. The SEC further alleges that on multiple occasions, Ahuja breached his duty to the advisory firm by causing a brokerage account in the name of one of his close relatives to trade based on material nonpublic information in advance of announcements by companies he was researching for the advisory firm. Ahuja allegedly engaged in this conduct in connection with three publicly traded companies on a total of four occasions. According to the complaint, Ahuja’s unlawful trades resulted in profits of approximately $65,000.

Without admitting or denying the allegations, Ahuja consented to the entry of a final judgment, subject to court approval, in which he agreed to be permanently enjoined from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; enjoined from acting as or being associated with an investment adviser, broker, or dealer for a period of two years; and to pay disgorgement of $65,404.25, prejudgment interest of $12,289.01, and a civil penalty of $65,404.25.

The SEC’s investigation was conducted by Frank Goldman, Patrick McCluskey, and Danielle R. Voorhees of the Division of Enforcement’s Market Abuse Unit, under the supervision of Joseph G. Sansone, Chief of the Market Abuse Unit, with the assistance of trial counsel Sharan Lieberman under the supervision of Gregory A. Kasper of the SEC’s Denver Regional Office. The SEC appreciates the assistance of the Financial Industry Regulatory Authority.