Gautam Adani has hired a prominent Wall Street lawyer to defend him against fraud allegations by SEC

Описание: NEW YORK - Gautam Adani has hired a prominent Wall Street lawyer to defend him against fraud allegations by the US Securities and Exchange Commission (SEC), as the regulator presses to advance its stalled case.
India’s second-richest person recently tapped Mr Robert Giuffra Jr, to be his lawyer in the SEC’s lawsuit, court filings show. Mr Giuffra, who represents prominent clients in high-stakes financial cases as co-chair of white-shoe law firm Sullivan & Cromwell, is also working on US President Donald Trump’s bid to overturn his criminal conviction.
The SEC’s lawsuit, filed in November 2024, alleges that Adani and his nephew Sagar Adani violated US securities laws by making false and misleading representations about Adani Green Energy. In addition to the SEC’s civil complaint, federal prosecutors in Brooklyn, New York, charged the Adanis and others with allegedly helping drive a US$250 million (S$315.9 million) bribery scheme in India to lock in solar-power contracts.
Both the criminal and SEC case have been stalled for more than a year with both Adanis in India. But the SEC last week asked a US judge to let it use alternative measures to formally notify the Adanis of the lawsuit. The regulator asked permission to use e-mail and serve papers on other US law firms representing the Adanis.
Adani stocks slipped on news of the SEC’s move, wiping away almost US$13 billion (S$16.4 billion) in combined market value on Jan 23. There still has not been any movement in the criminal case. #adani #fraud #seccase #gautamadani #lawtinum