Ex-JPMorgan analyst is charged with insider trading netting him US$600K
A former JPMorgan Chase analyst and two friends were arrested in California on Tuesday on charges they made more than US$600,000 on insider trading deals, the Justice Department said.
According to the indictment, Ashish Aggarwal worked as an analyst for the U.S. bank in San Francisco from 2011 to 2013, gave tips on a pair of impending technology industry acquisitions to the friends.
Aggarwal is said to have disclosed to college friend Shahriyar Bolandian details of acquisitions by Integrated Device Technology of PLX Technology and Salesforce.com’s purchase of ExactTarget.
Bolandian shared the information with another friend, Kevan Sadigh, and both men traded securities and options related to the companies ahead of the deals.
To cover up the alleged crime, the three sent emails to each other “that contained false statements suggesting that their trades were based