| April 18
April 18 A federal judge has dismissed the
remaining charges against a former JPMorgan Chase & Co
investment banking analyst accused of engaging in an insider
trading scheme, after a jury in February largely acquitted him.
U.S. District Judge Terry Hatter in Los Angeles on Monday
dismissed four counts of insider trading and tender offer fraud
pending against Ashish Aggarwal, who previously worked at J.P.
Morgan Securities LLC in its San Francisco office.
The decision, which was confirmed by lawyers for Aggarwal,
came after a jury in February found him not guilty of 26 of 30
counts he faced. His lawyers argued the jury had already
determined Aggarwal did not intend to commit the charged crimes.
"We are pleased that the court, in granting our motion,
agreed with us that the government's case could not proceed, and
correctly put an end to this prosecution," Aggarwal's lawyers,
Grant Fondo and Derek Cohen, said in a joint statement.
A spokesman for the U.S. Attorney's Office in Los Angeles
did not immediately respond to a request for comment on Tuesday.
Aggarwal was charged in August 2015 in connection with what
prosecutors said were tips he provided a college friend,
Shahriyar Bolandian, who they said in turn tipped his childhood
friend, Kevan Sadigh.
Prosecutors said Aggarwal tipped Bolandian to inside
information before the announcements of Integrated Device
Technology Inc's 2012 acquisition of PLX Technology Inc and
Salesforce.com Inc's 2013 acquisition of ExactTarget Inc.
Bolandian in turn told Sadigh in both cases, enabling them
to trade ahead of the deals and make more than $600,000,
prosecutors said. Both have pleaded not guilty and have yet to
Aggarwal denied wrongdoing. His lawyers at trial said the
prosecution's case was circumstantial and lacked evidence that
Aggarwal knew about the trades before they happened, tipped his
co-defendants or received anything in exchange.
The case is U.S. v. Aggarwal et al, U.S. District Court,
Central District of California, No. 15-cr-465.
(Reporting by Nate Raymond in Boston; Editing by Bernard Orr)