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ShopClues Founder Sandeep Aggarwal Admits To Insider Trading Charges In USA

ShopClues founder and former CEO Sandeep Aggarwal has pleaded guilty to the insider trading charges, in the federal court of Manhattan, reports Bloomberg. Aggarwal admitted that he had tipped Richard Lee, a former SAC Capital portfolio manager about a pending deal between Yahoo and Microsoft in 2009, while he was working at Collins Stewart as an analyst, in order to improve his standing as an analyst and increase revenues of his firm. As indicated by the report, Aggarwal might face 25 years in prison when he's sentenced and may also be deported to India, although he has apparently agreed to co-operate with prosecutors, in the hope of receiving a lenient sentence. Lee had earlier pleaded guilty to insider trading charges while SAC Capital had agreed to plead guilty to securities fraud and wire fraud and pay $1.8 billion in penalties last week. FBI agents had arrested Sandeep Aggarwal on insider trading charges in July 2013 and he had been charged with one count of conspiracy to commit securities fraud and one count of conspiracy to commit wire fraud. He was also being sued by the U.S. Securities and Exchange commission (more on the original case) A day later, Aggarwal was however released on a $500,000 bond and ShopClues had said that all the charges contained in the complaint were just accusations and the defendant is presumed unless and until proven guilty. Last month, co-founder Sanjay Sethi had taken over from Aggarwal as ShopClues CEO. Launched in July 2011, ShopClues is the Indian subsidiary of the US based Clues Network Inc and has raised around $25 million until now: $10 million from Helion…

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