Thu, Apr 17, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Update: Alleged SAC tipster Sandeep Aggarwal arrested

Wednesday, July 31, 2013

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

Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: European stock-picking fund up 19% YTD, bets on small caps’ high cash level[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Here is a European long/short equity fund that has been beating the odds since its 2008 inception by employing its own investment model, frequent company visits

  2. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  3. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  4. Opalesque TV: First Trust Advisors launches liquid alternatives platform[more]

    Bailey McCann, Opalesque New York: First Trust Advisors is launching a new liquid alternatives platform aimed at building on the companies existing alternative ETFs offering by adding hedged mutual funds. Senior Portfolio Managers Rob Guttschow and John Gambla recently sat down in an

  5. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo