Puneet Dikshit is a 30 year old man from Manhattan, New York. Dikshit has been accused by federal prosecutors of committing security fraud by allegedly trading insider information relating to Goldman Sachs’ acquisition of Greensky Inc.
Puneet Dikshit Fraud Allegations
Dikshit Arrested, Charged With Securities Fraud. “The U.S. attorney’s office in Manhattan on Wednesday charged Puneet Dikshit, who is 40-years-old, with two counts of securities fraud. He faces up to 20 years in prison on each count. The Securities and Exchange Commission on Wednesday also filed a civil complaint.” [WSJ]
Dikshit Accused Of Earning $450,000 On Options Related To Deal. “After learning that a deal was imminent, however, Dikshit bought about 2,500 call options in the two days before the Sept. 15 announcement, according to the complaint. He ultimately netted about $450,000 through trades made in accounts at an unnamed commission-free brokerage, the U.S. alleged.” [CNBC]
Dikshit Was Adviser To Goldman During Deal. “According to a report, Puneet Dhikshit, a McKinsey partner aged 40, used information about Goldman Sachs to purchase profitable GreenSky call options. complaintFederal court has unsealed the Wednesday case. Authorities claim that Dikshit was the lead advisor to Goldman and tried small purchases of options over the three months prior to the transaction.” [Street Register]
McKinsey: Dikshit Fired For “Gross Violation” Of Policies. “A gross violation of our policies and code of conduct. We have zero tolerance for the appalling behavior described in the complaint and we will continue cooperating with the authorities.” [McKinsey Statement]
US Attorney: Dikshit “Exploited” Access To Nonpublic Information. “U.S. Attorney Damian Williams said: “As alleged, Puneet Dikshit, a consulting firm partner, exploited his access to material nonpublic information about a pending acquisition of GreenSky, Inc., to trade in GreenSky call options. This breach of duties to his firm and its investment bank client – and violation of the law – allegedly reaped the defendant nearly half a million dollars in illegal profits. Now Puneet Dikshit has been charged with serious felonies for his alleged conduct.”” [DOJ]
Previous Case Involved Goldman, McKinsey. “The insider-trading charges against Dikshit aren’t the first to spotlight the relationship between Goldman and McKinsey. Rajat Gupta, McKinsey’s former global head, was convicted in 2012 of using his position as a Goldman board member to pass illegal tips to Galleon Group Inc. co-founder Raj Rajaratnam.” [Yahoo!]
One of the first political bloggers in the world, Oliver Willis has operated OliverWillis.com since 2000. Contributor at Media Matters for America and The American Independent. Follow on Twitter at @owillis. Full bio.