 "Microsoft-Yahoo deal: FBI investigating ShopClues CEO for insider trading")
[caption id=“attachment_999341” align=“alignleft” width=“380”]  Sandeep started “ShopClues.com” after a long progressive career with best in breed companies in Silicon Valley, Seattle and India, covering 16 years of global experience in business operations, strategy and investment, focusing on Internet and technology.[/caption]
Update: ShopClues.com has issued a press statement on the matter saying, Sandeep was briefly taken into custody and subsequently released on a bond. The charges contained in the complaint are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
Sandeep Aggarwal is fully cooperating with the investigating agencies and has complete faith in the US judicial system. The entire staff and management of ShopClues is behind Sandeep at this juncture. The case relates to events that occurred prior to ShopClues inception, and therefore does not involve the business of ShopClues.
Sanjay Sethi, Co-Founder also said, “We have nothing more to state at this juncture since the matter is sub-judice.”
Sandeep Aggarwal, owner of horizontal e-commerce marketplace ShopClues.com, and former Wall Street analyst has been arrested by theFBI agents in San Jose on insider trading charges.
According to a report on _ Business Insider,_Aggarwal is accused of tipping off Richard Lee, a SAC Capital portfolio manager, about a potential deal between Yahoo and Microsoft in 2009.
On 30 July, Aggarwal was charged with conspiracy to commit securities fraud as well as wire fraud.
Aggarwal was working at Collins Stewart as an analyst when he allegedly informed Lee about the deal.
Impact Shorts
More ShortsAs per this SEC release,Aggarwal got regular updates from his sources in Microsoft and passed on very specific information to Lee.SAC Capital and Lee reportedly gained a substantial amount from Yahoo’s stock post the tip off.
" Lee purchased large amounts of Yahoo stock in the S.A.C. Capital hedge fund that he managed as well as in his personal trading account on the basis of the inside information," the SEC release said.
SEC wants Aggarwal and Lee to pay back profits made from their allegedly illegal partnership.
FBI has already charged employees of SAC Capital with insider trading. Lee has already pleaded guilty to insider trading charges.
The SEC’s amended complaint charges Aggarwal and Lee with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. The amended complaint seeks a final judgment ordering Aggarwal and Lee to pay disgorgement of ill-gotten gains plus prejudgment interest and financial penalties, and telling them to not ever commit future violations of these provisions of the federal securities laws.
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