Indian origin former security analyst at J P Morgan Securities, along with two of his friends have been charged with trading on inside information about technology deals that costed nearly $ 7,00,000 in illicit profits.
Ashish Aggarwal, 27, of San Francisco, Shahriyar Bolandian, 26, of Los Angeles, and Kevan Sadigh, 28, of Los Angeles, are charged with multiple counts of securities fraud, the Justice Department said in a statement. The Securities and Exchange Commission also charged Aggarwal, who worked in J P Morgan's San Francisco office, with illegally tipping his close friend with confidential information about clients involved in impending mergers and acquisitions of technology companies, the agency said.
According to the indictment, Aggarwal allegedly obtained material, inside information about two J P Morgan-advised deals; Integrated Device Technology's planned acquisition of PLX Technology in 2012 and salesforce.com's acquisition of ExactTarget in 2013.
