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An ex-JP Morgan Analyst arrested for involvement in insider trading scheme

An ex JP Morgan Analyst arrested for involvement in insider trading scheme pardesi news 1459247701

A former JP Morgan analyst and his two friends were arrested by FBI based on security fraud charges.

Three men have been charged with insider trading practices that have given them an advantage of $600,000. A young Silicon Valley investment banker of Indian origin and two of his friends have been involved in this scheme.

JP Morgan Securities analyst Ashish Agarwal and his friends were arrested by the Federal Bureau of Investigation (FBI) on the basis of securities fraud charges.

Agarwal, 27, got information about upcoming mergers and shared the same with his friend Shahriyar Bolandian, 26. He further passed on the details to another friend, Kevan Sadigh, 28. Both Bolandian and Sadigh then used the information that they had grabbed to trade in advance of public announcements of Integrated Device Technology Inc’s. April 2012 which is a planned acquisition of PLX Technology Inc.
With the profits acquired, the liabilities of Bolandian and Sadigh were cleared off instead of buying any luxuries. Agarwal is the latest person to be added in the list of Indian-origin people dealing in insider trade practices. Former CEO of the consultancy firm McKinsey, Rajat Gupta was convicted in 2012 for insider trading with Rajaratnam, an operator of Sri Lankan origin.

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Patrick Callahan

Pardesi News Reporter

Pardesi News Reporter

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