Hamed Ettu, a 44-year-old Richmond, Texas man, was sentenced to three years’ probation, the first nine months of which he will be required to serve in home confinement, perform 120 hours of community service and pay a fine of $15,000 in an insider trading scheme, where he illegally purchased call options in the realtor.com operator Move, and others.

Ettu allegedly received material non-public information from Damilare Sonoiki, then a junior analyst at Goldman Sachs, regarding the companies. Sonoiki, who is charged in a separate case, also allegedly provided information to ex-NFL player Mychal Kendricks. Sonoiki, according to the charges, obtained the information in violation of his duty of confidentiality.

Kendricks pled guilty in September and is currently awaiting sentencing.

Mychal Kendricks | Courtesy: Mireya Acierto/Getty Images

“This type of illegal behavior – insider trading based on material, non-public information – undermines faith in our financial markets and harms ordinary investors who play by the rules,” U.S. Attorney William McSwain said in a statement. “Prosecuting securities fraud and thereby safeguarding the integrity of the public securities markets has been and will continue to be a top priority of my office.”

Ettu pleaded guilty in February 2019 to charges of conspiracy to commit securities fraud. Ettu illegally purchased shares in Move, and Compuware between July and September 2014, according to the charges. When proposed mergers for each company were announced, the value of Ettu’s shares increase and he made a profit of more than $93,000.

“The manipulation of our markets undermines all the investors who take great care to play by the rules,” Michael Harpster, special agent in charge of the FBI’s Philadelphia Division, said in a statement. “Through cases like this, the FBI continues to work against such corruption to help ensure fairness in the marketplace.”

Email Patrick Kearns

How do you stay ahead in a changing market? Inman Connect Las Vegas — featuring 250+ experts from across the industry sharing insight and tactics to navigate threat and seize opportunity in tomorrow’s real estate market. Join more than 4,000 top producers, brokers and industry leaders to network and discover what’s next, July 23-26 at the Aria Resort. Hurry! Tickets are going fast, register today!

Thinking of bringing your team? There are special onsite perks and discounts when you buy tickets together. Contact us to find out more.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×