SEC Obtains Final Judgment Against Former Partner At Global Consulting Firm
Litigation Release No. 25416 / June 9, 2022
Securities and Exchange Commission v. Dikshit, No. 1:21-cv-09289 (S.D.N.Y. filed 11/10/21)
On June 2, 2022, the Securities and Exchange Commission obtained a final judgment against defendant Puneet Dikshit, a partner at a global management consulting firm charged with insider trading in November 2021. The Honorable Jesse Furman of the United States District Court for the Southern District of New York entered the judgment by consent.
The SEC's complaint charged Dikshit with illegally trading in advance of a corporate acquisition by one of the firm's clients in September 2021. According to the complaint, in the course of providing consulting services, Dikshit learned highly confidential information concerning The Goldman Sachs Group Inc.'s impending acquisition of the consumer loan fintech platform GreenSky Inc. In the days leading up to the acquisition announcement on Sept. 15, 2021, Dikshit used this information to purchase out-of-the-money GreenSky call options that were set to expire just days after the announcement. The SEC's complaint further alleged that Dikshit violated his firm's policies by failing to pre-clear these options purchases, which he sold on the morning of the acquisition announcement for illicit profits totaling over $450,000.
Dikshit consented to the entry of a judgment permanently enjoining him from violating the antifraud provisions of Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder, and pled guilty to related insider trading charges.
The SEC's litigation was led by Richard Hong and Alexander Vasilescu of the New York Regional Office. The investigation was conducted by Joshua Brodsky of the Complex Financial Instruments Unit and David Bennett and Patrick McCluskey of the Market Abuse Unit. The case was supervised by Osman Nawaz of the Complex Financial Instruments Unit and Joseph Sansone of the Market Abuse Unit.