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Another Indian-origin man charged with insider trading

world Updated: Jan 20, 2012 00:36 IST
Yashwant Raj

Sandeep Goyal, a Manhattan analyst charged on Wednesday with insiders trading along with six others, joins a growing group of Indian-origin professionals accused of such crimes recently.

The US Securities Exchange Commission charged Goyal and others with profiting $78 million using insider trading information on Dell and Nvidia.

Goyal and two others have already pled guilty, the SEC said, and face a maximum statutory prison sentence of 25 each. The rest face five years each, if convicted.

Goyal, a former employee of Dell, used old contacts there to access information not available in public domain, the SEC said. And he sold it to a circle of researchers at two hedge funds.

He didn’t make very much — $175,000 — compared to the millions made by Indian-origin professionals accused or convicted on insider trading in the US recently.

In the Galleon case, Anil Kumar and Rajiv Goel were both said to have made millions, while working with Sri Lankan-born Galleon boss Raj Rajaratnam.