By Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN
SDNY COURTHOUSE, April 6 – November 10, 2021 saw "the unsealing of a criminal complaint charging PUNEET DIKSHIT, a partner in a global management consulting firm (the “Consulting Firm”), with securities fraud in connection with a scheme to commit insider trading based on material, nonpublic information regarding the upcoming public announcement that an investment bank (the “Investment Bank”) – which DIKSHIT and the Consulting Firm were advising – would be acquiring GreenSky, Inc. (“GreenSky”).
On April 6, 2022, Dikshit who was seeking no jail time, just deportation, was sentenced to 24 months. Inner City Press live tweeted it here:
Dikshit is being sentenced right now in 24A
AUSA: Other McKinsey partners have been convicted of insider trading in this courthouse.
Judge Colleen McMahon: They do seem to have a problem over there.
Defense: He's paid $455,000. He empowered his wife. He changes diapers. He fed the homeless in Mumbai.
Defense: Mr Dikshit worked for Citibank. His wife's H1B visa is contingent on his status. So he won't consent to removal.
Judge: Wasn't wife's account used?
Judge McMahon: It's brazen. He wasn't a 1st year associate. Dikshit: I'm sorry. This crime is not who I am. Judge: What *were* you thinking??
Judge McMahon: Everybody out there thinks people on Wall Street cheat. And you did. I want the word to go out: insider traders must be jailed.
Judge McMahon: I sentence you to 24 months.
Back in November 2021 it was said, "The defendant was arrested earlier today and will be presented this afternoon before U.S. Magistrate Judge Kevin N. Fox."
Now retired Judge Fox, when the time came, approved Dikshit's release on $1 million bond secured by $50,000 cash or property, signature of his wife required, other conditions to be met by November 19, 2021.
While the above airbrushed out McKinsey and Goldman Sachs, they are "Consulting Firm" and "Investment Bank" respectively.
On December 15, 2021 Dikshit pleaded guilty: "PUNEET DIKSHIT, a former partner in a global management consulting firm (the “Consulting Firm”), pled guilty to one count of securities fraud in connection with his scheme to commit insider trading based on material, nonpublic information regarding the upcoming public announcement that an investment bank (the “Investment Bank”) – which DIKSHIT and the Consulting Firm were advising – would be acquiring GreenSky, Inc. (“GreenSky”). The defendant pled guilty before U.S. District Judge Colleen McMahon."
The plea agreement provides for a guideline sentence of 30 to 37 months (plea agreement on Patreon here). He is scheduled to be sentenced on March 30, 2022.
But on that day, when Inner City Press went, the sentencing was postponed - to April 6, it was said. Into the docket on April 4 went a letter from the prosecutors, that they "underwood that the defendant would consent to a motion for a judicial order of removal" to India... "Today, the defendant advised the Government that he would not consent to such a motion."
The case is US v. Dikshit, 21-cr-760 (McMahon)
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