SEC v. Sanjay Bhandari, Vinod Singhi, Rakesh Jain (insider trading, 2024)

Settled

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In April 2024 the Securities and Exchange Commission charged Sanjay Bhandari and his friends Vinod Singhi and Rakesh Jain with trading ahead of the January 19, 2022 announcement that Zogenix would be acquired, together making about $70,000. All three consented to judgments, subject to court approval: combined disgorgement of $69,140, interest of $9,903 and penalties of $93,648, of which Bhandari's share is $49,015, $7,020 and $73,523.

The record

What was ordered

Civil penalty

$93.6k

Disgorgement

$69.1k

Prejudgment interest

$9.9k

Total relief

$173k

Alleged gain

—

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 April 30, 2024 as release LR-25989, filing in the Eastern District of Virginia.

The complaint alleges that Bhandari learned of the acquisition from a Zogenix employee in a call about career advice, began buying while still on the phone, and passed the news to Singhi, who in turn told Jain. Singhi and Jain would pay $10,555 and $9,570 in disgorgement and equal penalties, with $1,512 and $1,371 in interest. The recorded totals add the three respondents' stated amounts.

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.

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. 2024-04-30 Litigation release published

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

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.