CEO Faked Customer Calls to Swindle $37 Million!

SEC v. Robert Bernardi and Sunil Chandra — U.S. Securities and Exchange Commission Litigation Release No. 26661, dated September 30, 2026.

Robert Bernardi, founder and former CEO of GigaMedia Access Corporation, and Sunil Chandra, the company's former VP, have settled SEC charges for defrauding investors. Between March 2018 and August 2019, Bernardi raised over $37 million by misrepresenting the company's financial health. Chandra actively participated by impersonating a customer to deceive an investor.

In Plain English

Imagine a company CEO telling people their company is doing great, even though it's not. He raised a lot of money from people who believed him. Then, when someone wanted to check if the company was really working with a specific client, the CEO had his VP pretend to be an employee of that client to keep the lie going. Now, both the CEO and VP have agreed to pay back money and stop doing this kind of thing.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Misrepresenting Company Health Between March 2018 and August 2019, Robert Bernardi, the founder and former CEO of GigaMedia Access Corporation, allegedly raised more than $37 million from investors. During this period, Bernardi repeatedly misrepresented the company's financial condition to these investors.
2. Deceptive Customer Call An investor, seeking to verify GigaMedia's business, requested to speak with a customer of the company. In response, Bernardi arranged for the investor to speak with Sunil Chandra, Giga's former Vice President of International Business Development.
3. Impersonating a Customer During the arranged call, Sunil Chandra pretended to be an employee at a company that Robert Bernardi had claimed was a customer of GigaMedia Access Corporation, further deceiving the investor about the company's business relationships and success.

The Enforcement Action

On September 30, 2026, the SEC filed consents and proposed final judgments as to Robert Bernardi and Sunil Chandra. Bernardi consented to a permanent injunction and disgorgement of $4,700,000 with prejudgment interest of $670,173.72, deemed satisfied by restitution in a parallel criminal case. Chandra consented to a permanent injunction and disgorgement of $50,000 with prejudgment interest of $4,094.83, also deemed satisfied by restitution in a parallel criminal case. The SEC's complaint was filed on October 20, 2021.

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