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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!