Insider trading case: Droom founder Sandeep Aggarwal reaches settlement with US SEC

Automobile marketplace Droom founder and CEO, Sandeep Aggarwal, on Wednesday said a civil settlement has been reached with the US Securities and Exchange Commission (SEC) in connection with an insider-trading case.

Also, the US Department of Justice (DOJ) has dropped all charges against him pertaining to the said case, Aggarwal said.

Aggarwal was charged by the DOJ and sued by the SEC in July 2013, relating to events that took place in July 2009, when Aggarwal was a Wall Street analyst.

“Both the matters have been resolved. The charges by DOJ have been dropped and dismissed. A civil penalty of $32,500 was levied by SEC, which I have paid. The bar on being associated with any investment advisor, broker and securities analysis – which I quit long ago – continues,” Aggarwal said.