The technology analyst accused of passing tips to a former SAC Capital Advisors money manager made his maiden appearance in Manhattan federal court on Friday.
Sandeep Aggarwal did not enter a plea at the hearing. Bail was set by U.S. Magistrate Judge Frank Maas at $500,000, secured by $50,000 in cash.
Aggarwal was arrested on Tuesday in California and charged with giving confidential information about a planned deal between Microsoft Corp. and Yahoo! to Richard Lee, a SAC manager named in the criminal complaint against the hedge fund itself, and another hedge fund in 2009. Lee has pleaded guilty and is cooperating with prosecutors.
"We continue to review the allegations," Sam Braverman, Aggarwal's lawyer, said.
Aggarwal, who runs his own research firm, DigitalRoute, has been frequently featured in print and broadcast media.