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Updated: FBI Arrests Shopclues CEO Sandeep Aggarwal On Insider Trading Charges

Update: Shopclues has released an official statement Aggarwal was released on a bond and that charges contained in the complaint were just accusations and the defendant is presumed unless and until proven guilty. According to a report by Bloomberg, Aggarwal was released on $500,000 bond and told to appear in federal court in New York Aug. 2. Updates: - The complaint against Aggarwal is available here. - We've published a copy of the press release below - So far, there has been no response from Shopclues. We'll update when we hear from them Earlier: FBI agents in San Jose, California (US) have arrested Shopclues.com's CEO Sandeep Aggarwal on insider trading charges, reports iamwire. Aggarwal has been charged with conspiracy to commit securities fraud and conspiracy to commit wire fraud and might face 25 years in prison if convicted on both charges. He is also being sued by the U.S. Securities and Exchange commission. Aggarwal had allegedly tipped Richard Lee, a SAC Capital portfolio manager about a pending deal between Yahoo and Microsoft in 2009. At that time, Aggarwal worked at Collins Stewart as an analyst and had tipped Richard Lee about the pending Microsoft-Yahoo deal. SEC report also states that once the report went to media, Yahoo stock price rose almost 4% and  S.A.C. Capital and Lee gained substantial amount from Yahoo's stock. FBI has already charged S.A.C Capital for insider trading by its employees. On the other hand, LEE has pleaded guilty to insider trading charges. Following his stint as an analyst, Aggarwal…

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