SEC v. Amit Dagar and Atul Bhiwapurkar (insider trading, 2023)

Settled

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In July 2023 the SEC charged Amit Dagar and Atul Bhiwapurkar with trading ahead of Pfizer's Paxlovid announcement. Both consented to final judgments entered on December 27, 2024, after Dagar was convicted by a jury and Bhiwapurkar pleaded guilty in a parallel criminal case.

The record

What was ordered

Civil penalty

$60.3k

Disgorgement

$275k

Prejudgment interest

$41.9k

Total relief

$377k

Alleged gain

$214k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Securities and Exchange Commission announced this matter on July 25, 2023 as release LR-25787. The respondents named are Amit Dagar and Atul Bhiwapurkar (2 individuals, 0 entities). The action was brought in the U.S. District Court, Southern District of New York.

This library tags the matter as insider trading, based on the conduct the regulator describes. Each tag links to a page explaining how that technique works, what statute it engages, and what penalties comparable actions have attracted. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

The conduct is recorded against options.

The release references a parallel criminal proceeding. Where a criminal case exists, the civil and criminal outcomes are recorded separately, because they resolve on different standards of proof.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

The SEC reported on January 6, 2025 that the Southern District of New York entered final judgments against both defendants on December 27, 2024, on consent. Each is permanently enjoined from violating Section 10(b) and Rule 10b-5. Dagar was ordered to pay disgorgement of $214,395 and prejudgment interest of $41,908, treated as satisfied by the criminal forfeiture order. Bhiwapurkar was ordered to pay disgorgement of $60,300, also treated as satisfied by forfeiture, plus a civil penalty of $60,300.

The release says the consents followed a jury conviction of Dagar and a guilty plea by Bhiwapurkar in United States v. Dagar et al. The figures stored here sum the two defendants: disgorgement of $274,695 in total, and the penalty is Bhiwapurkar's only. The release does not state a criminal sentence.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2023-07-25 Litigation release published
2. 2024-12-27 Final consent judgments entered against both defendants

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• SEC litigation release reporting the outcome

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.