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Accused SAP Tipster Aggarwal Released on Bond by Judge

Sandeep Aggarwal, a technology analyst charged with providing inside information to SAC Capital Advisors LP, was ordered released on $500,000 bond and told to appear in federal court in New York Aug. 2.

Aggarwal, 40, of Gurgon, India, can’t have any contact with SAC fund manager Richard Lee or other co-defendants under terms of his release, U.S. Magistrate Judge Nandor Vadas said at a hearing today in San Francisco. Aggarwal was arrested yesterday by Federal Bureau of Investigation agents in San Jose, California, as part of the goverment’s probe of insider trading at hedge funds, said Peter Donald, an FBI spokesman in New York.

Sanaz Nikaein, Aggarwal’s attorney, declined to comment about her client or say how intends to plead in an interview after the hearing. Aggarwal was ordered to surrender his passport, visa and green card, remain in custody with his wife and can only travel to New York for his court appearance, Vadas said.

Aggarwal provided material nonpublic information about a strategic partnership in Internet search and advertising between Microsoft Corp. and Yahoo! Inc. to two different hedge funds, including SAC, the U.S. alleged in a criminal complaint unsealed today. Lee pleaded guilty on July 23 to trading on information provided by a source at Yahoo and is cooperating with the U.S.

Stamford, Connecticut-based SAC was indicted last week on charges of insider trading by Manhattan U.S. Attorney Preet Bharara.

The case is U.S. v. Aggarwal, 13-MAG-01877, U.S. District Court, Southern District of New York, (Manhattan).

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