SEC Hits Ex-Snap Inc. Engineer With Insider Trading Suit
By Al Barbarino (December 9, 2021, 7:49 PM EST) -- A former engineer with Snapchat parent company Snap Inc. is facing a U.S. Securities and Exchange Commission lawsuit that claims he tipped off his brother-in-law that the company had beat its earnings estimates, covertly wiring him cash to execute trades that would reap the duo more than $261,000 in illegal profits, the agency said Thursday.
Ex-Snap lead engineer Mohammed Pithapurwala told his brother-in-law, Ammar Kutiyanawalla, ahead of the company's February 6, 2018, earnings announcement that it had beat expectations and asked him to execute call options trades with the understanding that they would later split the profits, SEC said.
"Knowing he was...
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