WASHINGTON (Sputnik) — A JPMorgan Security analyst and two of his friends were arrested on charges of fraud in a $600,000 insider trading scheme, the US Department of Justice stated in a press release.
“An analyst with J.P. Morgan Securities and two longtime friends were taken into custody this morning after being charged in a federal grand jury indictment that alleges they participated in an insider trading scheme that netted more than $600,000 in illicit profits,” the Justice Department said on Tuesday.
According to the indictment, Aggarwal obtained inside material about upcoming mergers and acquisitions involving publicly-traded companies while he was employed as an investment banking analyst at JPMorgan Securities in San Francisco.
He then disclosed the information to his friend Bolandian, who in turn shared the information with Sadigh.
The defendants turned themselves in to the Federal Bureau of Investigations on Tuesday.
