The Securities and Exchange Commission and the Justice Department announced insider-trading charges Tuesday against a former J.P. Morgan Securities analyst and two of his friends. The SEC said analyst Ashish Aggarwal got sensitive information about two acquisition deals while working at J.P. Morgan Securities in San Francisco. Aggarwal misused information about two deals J.P. Morgan advised: Integrated Device Technology’s planned acquisition of PLX Technology in 2012 and salesforce.com’s acquisition of ExactTarget in 2013, according to the SEC. Aggarwal then tipped his friend Shahriyar Bolandian, who traded on the information and also tipped a friend of his, Kevan Sadigh. The scheme netted more than $600,000 in illicit profits, according to the SEC. The three men were arrested Tuesday morning, the Justice Department said.
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From:: Stock Market News