360° Coverage : Indian analyst charged with insider trading on Microsoft-Yahoo...

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

 
 
 

1 year 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

Israel killed three senior commanders: Hamas military wing
Gaza, Aug 21 (IANS) The al-Qassam Brigades, the military wing of the Islamist Hamas movement, Thursday said that Israel has killed three of its senior commanders in the Gaza Strip.
 
 
India charges Nepal lowest interest rate
Kathmandu, Aug 21 (IANS) Compared to other South Asian countries, India charges Nepal the lowest interest rate for the lines of credit (LOCs) it offers, a diplomat here said.
 
 
Unesco condemns American journalist's killing
Paris, Aug 21 (IANS) Unesco director general Irina Bokova Thursday condemned the beheading of US journalist James Foley by extremist Islamist militants in Iraq, calling it a "heinous killing".
 
 
Lizard tails may help humans get new limbs
New York, Aug 21 (IANS) Lizard tails have fascinated humans from ancient times, falling off and growing back just like new. Now, scientists have solved the mystery of how lizards can regenerate their tails.
 
 
 

Latest from the Network

Want chairs made of cocoa?
London, Aug 21 (IANS) Want to buy an eco-friendly chair, a synthetic rug or a plastic bag that is made out of cocoa, rice and vegetable waste? These will soon be in a store near you. The Italian scientists have found...
Read more on Apple Balla
 
Real Madrid aim for big-six season
Madrid, Aug 21 (IANS) If pre-season results were anything to look on then Real Madrid coach Carlo Ancelotti would be feeling hot under the collar and looking anxiously over his shoulder following four defeats, one win...
Read more on Sport Balla
 
Israel killed three senior commanders: Hamas military wing
Gaza, Aug 21 (IANS) The al-Qassam Brigades, the military wing of the Islamist Hamas movement, Thursday said that Israel has killed three of its senior commanders in the Gaza Strip. It said the three commanders were...
Read more on Politics Balla
 
Ebola toll rises to 1,350: WHO
Geneva, Aug 21 (IANS/EFE) The death toll due to the Ebola virus continues to rise in West Africa and currently stands at 1,350, the World Health Organisation (WHO) said. Of that number, 576 have died in Liberia where...
Read more on Business Balla
 
India charges Nepal lowest interest rate
Kathmandu, Aug 21 (IANS) Compared to other South Asian countries, India charges Nepal the lowest interest rate for the lines of credit (LOCs) it offers, a diplomat here said. "This shows India's close affinity to...
Read more on Politics Balla
 
An abusive boss can make entire team hostile
New York, Aug 21 (IANS) Is your boss abusive and does not pay much heed to even positive suggestions made by the team? Such superiors can actually throw the entire work team into conflict, hurting productivity, reveals...
Read more on Apple Balla
 
Paltrow okay with Martin's relationship with Lawrence
Los Angeles, Aug 21 (IANS) Actress Gwyneth Paltrow reportedly approves of estranged husband Chris Martin's romance with Jennifer Lawrence. The "Iron Man 3" star, who recently started dating "Glee" co-creator Brad...
Read more on Celebrity Balla
 
Bradley Cooper reveals his love of Oasis
Hollywood superstar Bradley Cooper is a big fan of Oasis. Bradley, 39, has revealed his love of the group - who officially split in 2009 after a string of high-profile disagreements between Noel and Liam Gallagher - was...
Read more on Movie Balla
 
Dan Stevens gets in shape for The Guest
Dan Stevens has got himself in shape to play a former American soldier in 'The Guest'. The 31-year-old actor is almost physically unrecognisable from the character of Matthew Crawley, who he played in the popular...
Read more on Movie Balla
 
Unesco condemns American journalist's killing
Paris, Aug 21 (IANS) Unesco director general Irina Bokova Thursday condemned the beheading of US journalist James Foley by extremist Islamist militants in Iraq, calling it a "heinous killing". "I condemn the murder of...
Read more on Politics Balla