Srinivasa Kakkera of Pleasanton was sentenced to 18 months in prison for insider trading, and ordered to pay $2.4 million and Abbas Saeedi of Fremont was sentenced to five months in prison for insider trading and ordered to pay $691,000.

Former HeadSpin CEO Manish Lachwani admitted he presented false revenue information to investors, from whom the company raised more than $100 million.

Manish Lachwani, CEO of Headspin until 2020, overstated revenue when he sought money from investors, the U.S. Attorney said.

The two were also charged by the U.S. Securities and Exchange Commission in a case that included four other people.

The joint enforcement actions by the Securities and Exchange Commission and the Justice Department involved a high school biology teacher, a gambling debt, a group of friends, WhatsApp messages and two Silicon Valley tech companies.

By inquiring about a subtle detail in her water bill, Rita Benton uncovered what may amount to a multimillion-dollar debt to the public.