Wednesday October 24, 2018
Home Indian Diaspora Indian-descen...

Indian-descent Silicon Valley investment banker arrested, charged with insider trading

0
//
108
Bribe
Republish
Reprint

By NewsGram Staff Writer

New York: Assistant General Leslie Caldwell announced on Tuesday that a young Silicon Valley investment banker of Indian descent and two of his friends have been charged with insider trading in a scheme in which they allegedly made more than $600,000.

arrestAshish Aggarwal, J.P. Morgan Securities analyst, and his friends surrendered to the Federal Bureau of Investigation (FBI) and were arrested on charges of face securities fraud, conspiracy and wire fraud, Caldwell said.

Aggarwal, 27, who worked in the JP Morgan San Francisco office, allegedly got inside information about upcoming mergers and acquisitions which he shared them with his friend Shahriyar Bolandian, 26; who in turn relayed them to another friend, Kevan Sadigh, 28, the FBI said in a press release.

Bolandian and Sadigh then allegedly used the inside information to trade in advance of the public announcements of Integrated Device Technology Inc.’s April 2012 planned acquisition of PLX Technology Inc., and Salesforce.com Inc.’s June 2013 acquisition of ExactTarget Inc., the FBI said.

Their $600,000-profit apparently didn’t finance luxuries. The FBI said they allegedly used the profits to pay off liabilities and cover the trading losses of Bolandian and Sadigh.

Aggarwal is the latest person of Indian origin to face insider trading charges in the US. Rajat Gupta, a former CEO of the consultancy company, McKinsey, is the best known of them and was convicted in 2012 for insider trading with Raj Rajaratnam, a hedge fund operator of Sri Lankan origin. Anil Kumar, a former McKinsey employee, pleaded guilty in the same case.

In April this year, Amit Kanodia, a private equity investor, and Iftikar Ahmed, a general partner at a venture capital firm, were charged with insider trading.

Attorney Shivbir Grewal and his wife, Preetinder Grewal, were charged last December with insider trading.

Last September, hedge fund portfolio manager Matthew Martoma received a nine-year sentence for insider trading.

With inputs from IANS

Click here for reuse options!
Copyright 2015 NewsGram

Next Story

Why Robots That Are Made To Look Like Human Make Them Feel Uneasy

People who design machines to work with humans do keep the uncanny valley in mind as they think about the look of a robot.

0
Robots
Why Robots That Look Too Human Make Some People Uneasy Pixabay

An increasing number of robots are being created and designed to work side by side with humans, in a human environment. That means robots have to be structured like a person, because some of them have to walk and sit like a person. Some robots are even being designed to look human.

But seeing an android, a robot that looks human, can make some people uneasy. That growing unsettling feeling or phenomenon as robots begin to look more like human beings is called the “uncanny valley.”

Even researchers who work on robots are not immune to it.

“I know how they work. I know they’re just machines, but something about something that looks like a person but doesn’t quite move like a person is disturbing,” said Jonathan Gratch, director for virtual human research at the University of Southern California’s (USC) Institute for Creative Technologies.

Gratch, who is a research professor of computer science and psychology, studies human-computer interaction.

He said there are many thoughts behind why the uncanny valley exists. One explanation is that it’s biological. People are hardwired to recognize when something seems wrong.

“In my research, I study emotion and how we use emotional cues to read each other’s minds, and I think a lot of the issue for me is if you try to make something very realistic, then you start trying to read all this information into what it’s portraying, and it is not the right information. So, it just communicates something is off. Something is wrong with this interaction,” Gratch said.

Another theory is that a robot that looks too human threatens what it means to be human.

robots
A robot head is covered by Hanson Robotics’ skin, in Hong Kong. VOA

“Initially, humans were seen as the only intelligent entity. And now, we know more and more that animals can do many of the things that we do, build tools. We know machines are starting to become intelligent. We hold on to the fact that we’re emotional, but now these machines are starting to be emotional as well, which is perhaps a threat. So, where does that lead people?” Gratch explained.

A person’s religious beliefs and culture may also play into how an android is perceived, he suggested.

“In the Western tradition, coming from Christianity, humans are unique, perhaps uniquely possessing a soul. Whereas in Japanese Shinto culture, souls live everywhere, in rocks and machines,” Gratch said.

John Rebula is a postdoctoral fellow at USC and is working on making a humanoid robot walk like a person by being more coordinated and balanced. Applications include the ability to walk up a flight of stairs and sit in a chair made for a person. He said the robot’s face is not necessary and is clearly cosmetic.

Technology, robot
The mock killer robot was displayed in London in April 2013 during the launching of the Campaign to Stop Killer Robots, which calls for the ban of lethal robot weapons that would be able to select and attack targets without any human intervention. (VOA)

“We really do think of these as research machines that we’re ripping apart and putting back together, ripping apart and putting back together. And so, it’s very easy for us to leave off the cosmetic bits,” Rebula said.

His robot does have cartoon-like eyes, ears and a nose. It could be considered cute. However, if it looked more human, Rebula said he would not necessarily want to be in the lab with it all the time.

“We have lots of late nights in labs. You start yelling at the robot a little bit as it is — ‘Oh, why aren’t you working?’ I don’t necessarily, myself, need that extra layer of weird,” Rebula said.

Also Read: Video- India Scraps Law Criminalizing Homosexuality

People who design machines to work with humans do keep the uncanny valley in mind as they think about the look of a robot, and how widely it will be accepted by humans. (VOA)