By Matthew Russell Lee, Patreon
SDNY COURTHOUSE, Dec 8 – Three indicted insider traders were present in court on August 17, 2022; two cooperators in the case were not. Talk turned to their interviews with the FBI, and so-called "Brutonization" or perhaps even severance.
On August 17, 2022 U.S. District Court for the Southern District of New York Judge Gregory H. Woods held an in-person proceeding with the three California-based defendants. Inner City Press went and covered it.
The case centers around suspicious trading in Lumentum Holdings Inc. in connection with two separate potential acquisitions by Lumentum, Coherent, Inc. and Neophotonics Corporation. The defendants are AMIT BHARDWAJ, SRINIVASA KAKKERA, ABBAS SAEEDI. Two of them, it was said, gave statements to the FBI, copies of which they still don't have. The Bruton case was mentioned.
Two of the three wanted five monts to review discovery; the other suggested 90 days. Judge Woods went with the five months, until January 18, 2023 at 3 pm.
Meanwhile Abbas Saeedi was approved "to take a day or two trip to Universal Studios or Disneyland," on Patreon here.
The cooperators, mentioned at the bottom for the SDNY's press release, are Dhirenkumar Patel and Ramesh Chitor.
At least (these?) two cooperators were alluded to on March 22, 2023, when Bhardwaj pled guilty. Inner City Press was there. The plea deal is for 70 to 87 months, reduced to 57 to 71 by the November 1, 2023 amendments to the Guidelines.
On November 24 Bhardwaj's counsel filed its sentencing submission, asking for a sentence "substantially below the guidelines," citing among others Brijesh Goel, whose SDNY case Inner City Press also reported on.
On December 4, the US wrote it to say it wants a guideline sentence between 57 and 71 months, saying this would not create unwarranted sentencing disparities.
On December 8, Bhardwaj got two years: 24 months in prison for his participation in a scheme to commit insider trading based on material, non-public information and he was ordered to forfeit $547,286 and pay a fine of $975,000.
Back on July 19, "ORDER as to Srinivasa Kakkera: Defendant's motion for a bill of particulars is GRANTED IN PART.
But on August 14, 2023, severance was deemed moot: The Government, with agreement from counsel for Mr. Kakkera, submits that because the Government anticipates that Mr. Saeedi will enter a plea of guilty on August 18, 2023, that motion should be treated as moot. ENDORSEMENT: Application granted.
On September 5, Inner City Press was in the courtroom when Kakkera pled guilty, to Count 7. His sentencing is set for January 3, 2024 at 10 am.
And on September 7, "Change of Plea Hearing as to Abbas Saeedi held on 9/7/2023. Sentencing is scheduled for January 3, 2024, at 1:00 p.m." So, sentencingS on January 3...
The case is US v. Bhardwaj, et al., 22-cr-398 (Woods)
***
Your support means a lot. As little as $5 a month helps keep us going and grants you access to exclusive bonus material on our Patreon page. Click here to become a patron.
