1 Updates

Indian analyst charged with insider trading on Microsoft-Yahoo deal

Jul 31 2013, 9:10am CDT | by IANS

New York, July 31 (IANS) An Indian Internet analyst charged with providing insider information about a deal between Microsoft and Yahoo to a prominent hedge fund is scheduled to appear before a New York court Friday.

New York, July 31 — An Indian Internet analyst charged with providing insider information about a deal between Microsoft and Yahoo to a prominent hedge fund is scheduled to appear before a New York...

Filed under: news

YouTube Videos

 
 
 

51 weeks ago

Indian analyst charged with insider trading on Microsoft-Yahoo deal

Jul 31 2013, 9:10am CDT | by IANS

New York, July 31 (IANS) An Indian Internet analyst charged with providing insider information about a deal between Microsoft and Yahoo to a prominent hedge fund is scheduled to appear before a New York court Friday.

New York, July 31 — An Indian Internet analyst charged with providing insider information about a deal between Microsoft and Yahoo to a prominent hedge fund is scheduled to appear before a New York court Friday.

Sandeep Aggarwal, 40, a former analyst for San Francisco-based Caris & Co., who was arrested by FBI agents Monday at his home in San Jose, California was released on $500,000 bail in federal court Tuesday, according to San Jose Mercury News.

Aggarwal, who also has a home in Gurgaon, in India's Haryana province, is accused of leveraging his tech industry contacts and then providing confidential insider information about a 2009 advertising and Internet search agreement between Microsoft and Yahoo to SAC Capital Advisors and a second unidentified hedge fund that same year.

Announcing conspiracy charges against Aggarwal, Manhattan's Indian-American US attorney Preet Bharara said: "As alleged, Sandeep Aggarwal leveraged his contacts in the technology industry to obtain an illegal edge in the form of inside information about a highly anticipated development, and then lied about his criminal conduct."

According to the complaint unsealed in Manhattan federal court, on the evening of July 9, 2009, Aggarwal learned from a friend who was an employee of Microsoft that discussions about the partnership had recommenced and that a transaction was likely within the next few weeks.

The next day, Aggarwal provided information about the partnership to at least two different hedge funds, including to Richard Lee, then a portfolio manager at SAC Capital Advisors LP.

On July 10, 2009, Aggarwal told Lee, in substance, that he had heard from a source-whom Aggarwal described as "a senior guy at Microsoft" that the success of Microsoft's Bing search engine had caused Yahoo to move closer to Microsoft's offer and it was likely that the deal could be announced within the next two weeks.

Thereafter, Lee's hedge fund purchased several hundred thousand shares of Yahoo stock, and Lee purchased 25,000 shares of Yahoo stock in his personal account, it alleged.

Aggarwal is charged with one count each of conspiracy to commit securities fraud, which carries a maximum sentence of five years in prison, and conspiracy to commit wire fraud, which carries a maximum sentence of 20 years in prison.

Richard Lee pled guilty July 23, to a criminal information charging him with one count of conspiracy and one count of securities fraud in connection with insider trading between April 2009 through 2010, while he was employed by SAC Capital Advisors LP.

Mercury News said July 17 Aggarwal sent an email to it saying that he had moved to India 20 months earlier to create India's first and largest managed marketplace called ShopClues.com.

"We are currently the fastest growing E-Commerce company in India," Aggarwal wrote to the paper. "We have a total of 360 employees and perhaps the strongest team executing on the ground in India..."

IANS

Source: IANS

 

Don't miss ...

 

blog comments powered by Disqus

Latest stories

Norway on alert over terrorist threat
Oslo, July 24 (IANS) The Norwegian anti-terror police Thursday said they had been informed of a planned terrorist attack against the country.
 
 
About 13 percent new mothers avoid sex
London, July 24 (IANS) Have you rejected love-making calls from your hubby after childbirth? Take heart as you have not committed a sin.
 
 
My commitment to 'vikas' stands: Hema Malini
New York, July 24 (IANS) Reacting to the criticism about her absence from her constituency Mathura, actor-politician Hema Malini claims she is "working for my people wherever I am" and that she will always stick to her commitment of facilitating progress in the Uttar Pradesh town.
 
 
Soon, grocery bags from vegetable waste
London, July 24 (IANS) Your next grocery bag can come from vegetable waste products.
 
 
 

Latest from the Network

There’s no Swatch in your future iWatch
Apple is widely expected to launch at least a couple of different iWatch models this fall, that will be laden with many sensors for fitness and health purposes, and connect to iPhones for notifications and other data....
Read more on Apple Balla
 
Norway on alert over terrorist threat
Oslo, July 24 (IANS) The Norwegian anti-terror police Thursday said they had been informed of a planned terrorist attack against the country. At a hastily-convened press conference, Alana Bjoernland, chief of Norway's...
Read more on Politics Balla
 
About 13 percent new mothers avoid sex
London, July 24 (IANS) Have you rejected love-making calls from your hubby after childbirth? Take heart as you have not committed a sin. A survey by non-profit British Pregnancy Advisory Service (BPAS) has revealed...
Read more on Apple Balla
 
My commitment to 'vikas' stands: Hema Malini
New York, July 24 (IANS) Reacting to the criticism about her absence from her constituency Mathura, actor-politician Hema Malini claims she is "working for my people wherever I am" and that she will always stick to her...
Read more on Celebrity Balla
 
Soon, grocery bags from vegetable waste
London, July 24 (IANS) Your next grocery bag can come from vegetable waste products. Scientists have developed an eco-friendly and efficient new bioplastic using rice hulls, cocoa pod husk, spinach and parsley stems...
Read more on Apple Balla
 
Air Algerie plane missing in west Africa
Algiers, July 24 (IANS) A passenger plane of Algeria's state-run Air Algerie was Thursday reported missing 50 minutes after taking off from Ouagadougou Airport in Burkina Faso, according to media. "Air navigation...
Read more on Business Balla
 
The Rise And Fall Of NASCAR At Indy
This weekend is the latest running of NASCAR’s Brickyard 400 (officially the Crown Royal Presents the John Wayne Walding 400 at the Brickyard powered by BigMachineRecords.com) at the Indianapolis Motor Speedway. Almost...
Read more on Auto Balla
 
Amy Winehouse's mother approves of tributes
Amy Winehouse's mother thinks cigarettes and empty alcohol bottles are ''fitting'' tributes to her daughter. Fans flocked to the late 'Back to Black' star's former London home yesterday (07.23.14) to pay their respects...
Read more on Celebrity Balla
 
Tori Spelling hopes woes will teach children
Tori Spelling hopes her marriage problems will teach her children a lesson. The 'True Tori' star was left devastated when husband Dean McDermott - with who she has children Liam, seven, Stella, six, Hattie, two, and 22-...
Read more on Celebrity Balla
 
Zac Efron enjoys night with Robert Pattinson
Zac Efron and Robert Pattinson were in ''really good moods'' on a night out together. The Hollywood hunks enjoyed an evening with seven pals at Pinz Bowling Alley in California, followed by drinks in nightspot Bootsy...
Read more on Celebrity Balla