SEC Settles GigaMedia Access Fraud Case With Robert Bernardi and Sunil Chandra
SEC proposes final judgments against Giga founder Robert Bernardi and Sunil Chandra over fraud claims tied to more than $37 million raised from investors.
Summary
On September 30, 2026, the SEC filed consents and proposed final judgments against GigaMedia Access Corporation founder and former CEO Robert Bernardi and former international business development vice president Sunil Chandra. The complaint, filed October 20, 2021, in the Southern District of New York, alleged Bernardi raised more than $37 million from March 2018 through August 2019 by repeatedly misrepresenting the private software company’s finances. It also alleged Bernardi had Chandra impersonate an employee of a purported Giga customer when an investor requested a customer reference.
Subject to court approval, both men would be permanently enjoined from violating Securities Act Section 17(a), Exchange Act Section 10(b), and Rule 10b-5. Bernardi would owe $4.7 million in disgorgement and $670,173.72 in prejudgment interest, while Chandra would owe $50,000 and $4,094.83, respectively; the amounts would be deemed satisfied by restitution orders in their parallel criminal cases, each identified as No. 21 CR 616 (PGG). SEC case No. 21-cv-08598 also names Nihat Cardak as a defendant and Daniel Bernardi, Diane Olson, and Jenifer Bernardi as relief defendants. Melissa Armstrong and David Nasse conducted the SEC litigation.
Positives
- Both defendants consented to proposed final judgments, moving the SEC’s civil enforcement case toward resolution after its October 20, 2021 filing.
- Permanent injunctions would bar Bernardi and Chandra from future violations of key federal antifraud provisions.
- Bernardi’s proposed judgment includes $4.7 million in disgorgement and $670,173.72 in prejudgment interest.
- Chandra’s proposed judgment includes $50,000 in disgorgement and $4,094.83 in prejudgment interest.
- Parallel criminal restitution orders already cover the monetary amounts specified in the proposed civil judgments.
Risks & concerns
- More than $37 million was allegedly raised from investors through repeated misrepresentations about GigaMedia Access Corporation’s financial condition.
- Chandra allegedly impersonated an employee of a purported customer after an investor requested a customer reference from Bernardi.
- The civil disgorgement and interest would be deemed satisfied by criminal restitution orders, so the proposed judgments do not specify additional monetary recovery.
- Both proposed final judgments remain subject to approval by the Southern District of New York.
