The Securities and Exchange Commission said on September 30, 2026 it filed consents and proposed final judgments against Robert Bernardi, founder and former CEO of private software company GigaMedia Access Corporation, and Sunil Chandra, its former vice president of international business development. The SEC sued in October 2021 in the Southern District of New York.
The SEC alleged that between March 2018 and August 2019 Bernardi raised more than $37 million from investors while repeatedly misrepresenting the company’s financial condition. When an investor asked to speak with a customer, Bernardi allegedly arranged for Chandra to pretend to be an employee of a company Bernardi claimed was a customer.
Subject to court approval, Bernardi would be permanently enjoined from violating antifraud provisions and liable for $4,700,000 in disgorgement and $670,173.72 in prejudgment interest. Chandra would be enjoined and liable for $50,000 plus $4,094.83 in interest. Both amounts are deemed satisfied by restitution orders in the parallel criminal cases.