Washington: Anu American of Indian origin Former information technology executive pleaded Guilty For conspiracy to commit securities Danger and assist in false preparation tax return.
Dayakar Mallu, 51, is to be sentenced on January 24. He faces a maximum sentence of 25 years in prison for conspiracy and three years in prison for a tax offense.
According to court documents and his admission to the court, between 2017 and 2019, Mallu entered the business of others to trade in securities of NASDAQ-listed public company Mylan, prior to drug approvals, financial earnings and corporate announcements related to the merger. conspired with
Mallu, who was Mylan’s then Vice President of Global Operations Information Technology, and an unnamed co-conspirator, a Mylan executive, conspired to provide them with material, non-public information prior to the company’s public announcements.
He then traded in the company’s securities and shared the business profits with his co-conspirators through cash transactions in India. His trading resulted in more than US$8 million in unrealized profits and avoidable losses.
The Justice Department said Mallu was ultimately spared a net profit and loss of more than $4.2 million from his insider trading.
He admitted in court that he sent false information to his tax preparer related to Opel Systems LLC, a company he owned and controlled.
Specifically, Mallu falsely told the preparer that Opel had paid a contractor USD 1.3 million, when in fact, he had induced Opel to transfer those funds to his securities brokerage account.
The Justice Department said Mallu’s false statement resulted in a false 2015 corporate return preparation for Opel.
Dayakar Mallu, 51, is to be sentenced on January 24. He faces a maximum sentence of 25 years in prison for conspiracy and three years in prison for a tax offense.
According to court documents and his admission to the court, between 2017 and 2019, Mallu entered the business of others to trade in securities of NASDAQ-listed public company Mylan, prior to drug approvals, financial earnings and corporate announcements related to the merger. conspired with
Mallu, who was Mylan’s then Vice President of Global Operations Information Technology, and an unnamed co-conspirator, a Mylan executive, conspired to provide them with material, non-public information prior to the company’s public announcements.
He then traded in the company’s securities and shared the business profits with his co-conspirators through cash transactions in India. His trading resulted in more than US$8 million in unrealized profits and avoidable losses.
The Justice Department said Mallu was ultimately spared a net profit and loss of more than $4.2 million from his insider trading.
He admitted in court that he sent false information to his tax preparer related to Opel Systems LLC, a company he owned and controlled.
Specifically, Mallu falsely told the preparer that Opel had paid a contractor USD 1.3 million, when in fact, he had induced Opel to transfer those funds to his securities brokerage account.
The Justice Department said Mallu’s false statement resulted in a false 2015 corporate return preparation for Opel.
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