Former Analyst Charged in Insider Trading Case
August 25 2015 - 4:00PM
Dow Jones News
The Securities and Exchange Commission on Tuesday charged a
former J.P. Morgan analyst with insider trading for revealing
confidential information regarding company mergers to a friend.
According to the SEC, Ashish Aggarwal, who worked in J.P.
Morgan's San Francisco office, tipped a friend, Shahriyar
Bolandian, about private information on two acquisition deals. Mr.
Aggarwal had learned about the deals from colleagues.
Mr. Bolandian then used this information to trade using his
account, as well as that of his father and sister. Mr. Bolandian in
turn tipped his friend Kevan Sadigh. Together, they made more than
$672,000.
Mr. Bolandian and Mr. Sadigh were charged by the SEC with
trading on the insider information. The Justice Department on
Tuesday also announced criminal charges against them and Mr.
Aggarwal.
A spokesman for Mr. Aggarwal said he denies the charges. The
other two men could not be immediately reached for comment.
The insider trading was detected by the SEC using trading data
analysis tools.
"We allege that Aggarwal, Bolandian and Sadigh misused an
investment bank's confidential information for their personal
benefit and victimized the bank, its clients and investors," said
Robert Cohen, acting co-chief of the SEC Enforcement Division's
Market Abuse Unit.
Write to Angela Chen at angela.chen@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 25, 2015 15:45 ET (19:45 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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