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Komfie Manalo, Opalesque Asia:
The alleged tipster to SAC Capital about a major deal between Microsoft and Yahoo was arrested yesterday by U.S. Federal authorities, various media reported.
Forty-year-old Sandeep Aggarwal, a financial analyst from Gurgaon, India, was arrested in San Jose, California by authorities and charged with securities fraud, as government prosecutors close the noose on the $15bn hedge fund firm SAC Capital and its owner, hedge fund manager Steven Cohen, reported Seattle Times.
Wiretap evidence that was part of the criminal complaint unsealed on Tuesday overheard Aggarwal giving SAC portfolio manager Richard Lee inside information about a pending search-advertising partnership between Microsoft and Yahoo in 2009.
The complaint quoted Aggarwal as telling Lee of "a senior guy at Microsoft" who gave him accurate information regarding between a meeting with senior Microsoft officials and Yahoo executives about the impending deal and that an announcement would be made public in two weeks time.
The report accused Aggarwal of speaking to nearly 14 traders and portfolio managers at different hedge funds about the agreement.
In a statement, New York U.S. Attorney Preet Bharara said Aggarwal, who used to work at Collins Stewart LLC in San Francisco, was charged with one count of conspiracy to commit securities fraud and one coun...................... To view our full article Click here
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