The SEC alleged Sure, Lagudu, and Pulagam knew that the company has a policy prohibiting its employees from insider trading. These software engineers ignored the company’s policy. Together with their co-defendants, they generated more than $1 million in illegal trading profits.
In a statement, SEC San Francisco Regional Office Acting Director Monique Winkler said, “We allege that this insider trading ring took advantage of valuable revenue information related to the pandemic at a San Francisco tech company. We are holding these alleged tippers and tippees accountable for their roles in the scheme.”
