LOS ANGELES – A former J.P. Morgan Securities analyst in San Francisco has been charged with an insider trading scheme prosecutors say netted more than $600,000.
Federal prosecutors say 27-year-old Ashish Aggarwal was arrested Tuesday along with two Los Angeles friends.
Prosecutors say Aggarwal obtained insider information about upcoming mergers and acquisitions
Authorities say between 2011 and 2013, he and his friends used the information to make advance trades and used the profits to cover previous trading losses and repay various debts.
Each is charged in Los Angeles with 30 counts including conspiracy, securities fraud, tender offer fraud and wire fraud. If convicted, they face possible prison sentences of 20 years for each fraud count.
The three haven't been arraigned, and it's unclear if they have attorneys who could comment on the allegations.