A federal jury in Los Angeles cleared a former JPMorgan Chase & Co. investment banking analyst of most of the charges he was facing related to insider trading, Reuters reported.
Ashish Aggarwal was cleared of 26 out of 30 charges. The charges claimed that Aggarwal shared information with his friend Shahriyar Bolandian, who shared it with his friend Kevan Sadigh, about two pending M&A transactions of technology companies in 2012 and 2013, before the deals were announced. The information allowed Bolandian and Sadigh to earn more than $600,000.
The jury was hung on four remaining counts concerning tender offer fraud and insider trading, the article added.
The prosecutors will review the case and decide if they want to proceed with the remaining four unresolved counts, Thom Mrozek, a spokesman for the U.S. Attorney's Office in Los Angeles, told the news outlet.