Rivas was a project consultant in Bank of America’s capital markets technology group in New York. As a member of the team responsible for supporting the bank’s computer system, he had access to a deal-tracking system that contained data about corporate transactions, including impending mergers, acquisitions and tender offers, according to the U.S.
He and Moodhe had become friends after Rivas started dating Moodhe’s daughter in 2013, the U.S. said. Their plan began unfolding when Rivas learned from his girlfriend that her father actively traded stocks and options on behalf of himself and his family, and the opportunities to share information increased once Rivas and the daughter moved in together in 2015, the U.S. said.
During an initial court appearance in August, Assistant U.S. Attorney Andrea Griswold told the judge that Siva posed a risk of fleeing given that the charges against him involve a yearslong securities fraud that garnered more than $1 million in illicit profits. The judge required Siva to post a $500,000 bond secured by $50,000 cash or property.
The case is U.S. v. Siva, 17-cr-00503, U.S. District Court, Southern District of New York (Manhattan).
This article was provided by Bloomberg News.