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An Indian internet analyst has pleaded guilty here to insider trading charges for his involvement in sharing confidential information about technology companies Microsoft and Yahoo.
Sandeep Aggarwal, a Gurgaon resident, faces up to 25 years in prison and over $5 million in fine.
Aggarwal, 40, was arrested in connection with the insider trading scheme in July this year and following a cooperation agreement, pled guilty on Friday before US Magistrate Judge Ronald Ellis in Manhattan federal court to one count of conspiracy to commit securities fraud and one count of securities fraud.
Aggarwals guilty plea was announced by Manhattans top India-born federal prosecutor Preet Bharara who has led a massive government crackdown on insider trading on Wall Street.
Aggarwal, a former equity research analyst for a San Francisco-based financial services firm, faces a maximum sentence of five years in prison and a fine of $250,000 for the conspiracy charge.
According to the superseding information and court documents, Aggarwal was involved in a scheme from April 2008 to March 2010 to disclose inside information concerning a strategic partnership between Microsoft and Yahoo. Aggarwal shared this information with senior sales executives at his firm.