Daily Management Review

Former McKinsey partner confesses to insider trading


Puneet Dikshit, a former McKinsey partner, admitted in court that he traded shares in online lender GreenSky with access to crucial non-public information. On September 15, it was revealed that Goldman Sachs had purchased the fintech startup for $2.2 billion, resulting in a 50% increase in its stock price and a $450,000 profit for Dikshit.

Philip McMaster
Philip McMaster
Puneet Dikshit, a former McKinsey partner, has pleaded guilty in a securities fraud case. According to CNBC, he was accused in November with insider trading in GreenSky shares ahead of its $2.2 billion acquisition by Goldman Sachs, according to prosecutor Damian Williams.

Dikshit was accused of placing option bets two days before announcing the acquisition of online lending startup GreenSky using knowledge gleaned while advising Goldman on the deal. He realized a profit of almost $450,000 as a result of this. He was apprehended on November 10th.

The Securities and Commodities Fraud Task Force of the Justice Department investigated the case, with help from the Federal Bureau of Investigation and the Securities and Exchange Commission. In the months leading up to the deal, CNBC was the first to highlight questionable activity in GreenSky options.

source: cnbc.com