The Securities and Exchange Commission (SEC) and the US Department of Justice (DoJ) have charged Ashish Aggarwal and his two friends for insider trading that got him illicit profit of $670,000. Aggarwal and his two friends were produced before FBI. 

Under several sections, the charges were against Aggarwal and his team include, as DoJ said, a federal grand jury indictment, one count of conspiracy to commit securities and tender offer fraud, 13 substantive counts of securities fraud, 13 substantive counts of tender offer fraud and three counts of wire fraud.

Aggarwal and his team were working on technology sector analysis and allegedly secured non-public information regarding two acquisition plans in the technology sector. Aggarwal shared this information with Shahriyar Bolandian, who's his friend.

This key pre-information about the two acquisition plans, the 26-year old Bolandian took positions through his own account and two more trading accounts of his father and sister. The pre-information much before the two acquisitions had fetched them a hefty profit of $600,000. 

The company, in which they placed orders based on the prior information about the acquisitions, was Integrated Device Technology, which charted acquisition plan on PLX Technology in 2012. And the second company being Salesforce.com that planned for acquiring ExactTarget in 2013.

JPMorgan denied to comment on the case. Aggarwal's advocate Grant Fondo of Goodwin Procter said in a statement that his denied the charges and "intends to vigorously defend himself." The other lawyers, who were arguing the case on behalf of other two defendants, were not available for further information.

Aggarwal and other two persons, Bolandian and Kevan Sadigh, involved in the case were surrendered to FBI on Tuesday morning. 

The 27-year old Ashish Aggarwal, an old UC Berkeley graduate, worked at JPMorgan Securities as an analyst on technology, media and telecommunications (TMT) sectors. He worked from June 2011 till June 2013 in San Francisco for JPMorgan. 

FBI is investigating the case. Trial Attorneys Thomas BW Hall and Alexander F Porter of the Criminal Division' Fraud Section and Assistant US Attoney Paul Stern of the Central District of California are prosecuting, while the necessary assistance is being provided by the Securities and Exchange Commission. 

Assistant Attorney General Leslie R Caldwell of the Justice Department's Criminal Division, US Attorney Eileen M Decker of the Central District of California and Assistant Director in charge David Bowdich of the FBI's Los Angeles Division made the announcement of charges against Aggarwal and his team in the insider trading case.