Friday, 26 December 2014
Last updated 1 day ago
Nov 7 2013 | 10:56am ET
Sandeep Aggarwal, the technology analyst arrested for allegedly passing tips to a former SAC Capital Advisors trader just days after the hedge fund itself was indicted, appears poised to plead guilty to insider-trading charges on the same day as the firm.
Aggarwal has a "guilty plea hearing" scheduled for tomorrow in Manhattan federal court, prosecutors said in a court filing last week. SAC itself is expected to plead guilty to securities fraud charges in the same courthouse tomorrow, if a federal judge approves its $1.8 billion settlement with prosecutors.
"The parties have made substantial progress in our discussions," Assistant U.S. Attorney John O'Donnell wrote, without mentioning any particulars of a plea deal.
According to prosecutors and the Securities and Exchange Commission, Aggarwal, a former Internet analyst at Collins Stewart, gave confidential information about Microsoft Corp. to Richard Lee. Lee, a former SAC money manager, pleaded guilty to insider-trading charges last week in connection with the criminal charges filed against SAC itself on Thursday.
Aggarwal received the information, about a planned deal between Microsoft and Yahoo!, from a friend at the former company. That person was not identified. According to the criminal complaint against him, Aggarwal received the information in July 2009 and then informed Lee. Aggarwal also tipped a second hedge fund, which was also not identified.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.