Bangalore: Sandeep Goyal, a former Indian employee of computer company Dell, is one among the seven people charged for insider trading case by the Federal Bureau of Investigation. The ‘criminal club’ traded in the shares of Dell and made an illegal profit of USD 62 million.

The FBI arrested four people in New York, Boston and California on Wednesday and the government also announced charges against three others. All of them were charged with securities fraud and plan to carry out securities fraud. The group involved employees of SAC Capital Advisors LP and other well-known financial firms.

Preet Bharara, Manhattan U.S. Attorney said at a news conference that the charging document told "by now, a sadly familiar story’’. ‘’It describes a circle of friends who essentially formed a criminal club, whose purpose was profit and whose members regularly bartered lucrative inside information," Bharara said.

Anthony Chiasson, Todd Newman, Jon Horvath, Danny Kuo were the four people arrested. Charges were made against Sandeep Goyal, Spyridon Adondakis and Jesse Tortora who pleaded guilty earlier and are presently cooperating with the Government.

Sandeep Goyal is an associate analyst for an asset management firm in New York, who earlier worked at Dell’s office in Texas. Prosecutors said Goyal obtained nonpublic information from Dell insiders in advance to the announcements regarding public earnings, and he shared these details with the other defendants, Tortora and Newman. They in turn paid Goyal an amount of $175,000 using ‘soft dollars’ in the year 2008 and in early 2009.