Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ashish Aggarwal (Aggarwal), previously associated with J.P. Morgan Securities LLC, has at least one disclosable event. These events include one tax lien, alleging that Aggarwal recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on February 05, 2025.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Ashish Aggarwal (‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that on February 3, 2025, a final judgment was entered by consent against Aggarwal, permanently enjoining him from future violations of Sections 10(b) and 14(e) of the Exchange Act and Rules 10b-5 and 14e-3 thereunder, as set forth in the judgment entered in the civil action entitled Securities and Exchange Commission v. Ashish Aggarwal, et al., Civil Action Number 2:15-cv 06460, in the United States District Court for the Central District of California. The Commission’s complaint alleged that Aggarwal engaged in insider trading in the securities of PLX Technology, Inc. (‘PLX’) in 2012 and ExactTarget, Inc. (‘ExactTarget’) in 2013. Specifically, the Commission alleged that Aggarwal, then an investment banking analyst at JPMS, obtained illicit profits by recommending ExactTarget to a friend during a period in which JPMS played an advisory role in a tender offer transaction that entailed the purchase of the outstanding shares of ExactTarget by salesforce.com. In addition, the Commission alleged that Aggarwal tipped another friend, Shahriyar Bolandian, with material non-public information regarding the ExactTarget-salesforce.com transaction and an earlier impending tender offer transaction in which JPMS played an advisory role, the proposed purchase of the outstanding shares of PLX by Integrated Device Technology, Inc. Bolandian, as alleged, then provided the information to his work colleague and friend, Kevan Sadigh. Both Bolandian and Sadigh, acting largely in parallel, bought securities of PLX and ExactTarget on the basis of the material nonpublic information, leading to illicit profits for themselves and in the accounts of Bolandian’s family members.
