A prominent technology analyst was charged yesterday in connection with the growing insider trading case against billionaire Steve Cohen’s SAC Capital Advisors.
Sandeep Aggarwal, 40, faces civil and criminal charges for tipping former SAC portfolio manager Richard Lee to a 2009 deal between Yahoo! and Microsoft that helped boost Yahoo!’s stock and enriched both Lee and SAC, prosecutor Preet Bharara alleges.
Aggarwal, who has appeared on cable-news networks like CNBC, was working as a tech analyst at boutique firm Collins Stewart at the time of the alleged tipoff.
Aggarwal, who worked at Microsoft between 2004 and 2005, was cuffed Monday by FBI agents in a suburb of San Jose, Calif., an FBI spokesman said. Aggarwal was brought before a federal judge in San Francisco yesterday and released on $500,000 bond.
He has been ordered to appear back in court on Aug. 2.