FBI Arrests ShopClues Founder On Insider Trading Charges

By SiliconIndia   |    3 Comments
22
cmt right
20
Comment Right
56
cmt right
9
cmt right
Printer Print Email Email


Bangalore: In a shocking incident, the Federal Bureau of Investigation (FBI) arrested Sandeep Aggarwal, founder of the popular e-commerce startup venture ShopClues on the grounds of conspiracy to commit securities fraud and one count of conspiracy to commit wire fraud.  Aggarwal who was working as a Wall Street analyst prior to finding ShopClues, tipped off Richard Lee, a portfolio manager at SAC Capital, about a pending deal between Microsoft and Yahoo!, reports BI.



The Southern District of New York announced criminal charges against the 40 year old startup founder who is also been civilly charged by The Securities and Exchange Commission. Aggarwal who currently resides in India has been booked under criminal charges for disclosing a confidential deal between Microsoft and Yahoo!.



"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. With his arrest today, we continue our work to investigate and prosecute privileged professionals who think the laws requiring honesty and fair play do not apply to them," Manhattan U.S. Attorney Preet Bharara said in a release.





Also Read:
NDTV Enters e-commerce Arena With Indiaroots.com
Indian Startups Offer ERP Solutions To Manage Apartments



next new
SPOTLIGHT
Gadgets
Yamaha Music India has launched its first Indian keyboard PSR I500 under the 'Make in India' initi..
Startup City
With cities growing rapidly and infrastructure not keeping pace, the daunting work com..
Enterprise IT
Taking on streaming giants like Netflix and Hulu, Walt Disney Co. has announced it will ..
Business
Automobile major MG Motors India on Wednesday said that it plans to manufacture electric vehicle E..
Finance
India's tea exports increased by 11.5 per cent to 17.93 million kgs in April this year aga..
Entertainment
Actor Dhanush, whose last Hindi release was R. Balkis "Shamitabh", may be working in another H..
Travel
Imagine life being a romantic Bollywood song of the 90's. All those exotic frames punched into one..
Technology
To ensure uninterrupted functioning of the app in areas of low networks, Facebook-owned..
Career
Les Roches Global Hospitality Education, a multi-national hospitality management institute, a..