NEW YORK – A California financial analyst has pleaded guilty in New York, admitting he provided insider tips to an SAC Capital portfolio manager.
Sandeep Aggarwal (AG'-ur-wahl) admitted Friday that he provided the tips to the SAC employee and others about a blockbuster deal between Microsoft Corp. and Yahoo Inc. Investigators say the information pertained to a secret, pending search engine advertising partnership between the companies.
Aggarwal has pleaded guilty to conspiracy to commit securities fraud and securities fraud in Manhattan in a cooperation deal. The 40-year-old was arrested in July in San Jose, Calif.
Authorities say they had wiretap evidence from 2009.
Aggarwal told a magistrate judge he provided the tips to boost his standing as an analyst. He says he is "extremely sorry."