United States Department of Justice drops charges against Droom founder Sandeep Aggarwal in 2013 insider trading case

Our Bureau Mumbai | Updated on March 18, 2020

Sandeep Aggarwal, online automobile marketplace Droom’s Founder and Chief Executive Officer, said on Wednesday that a civil settlement had been reached with the US Securities and Exchange Commission (SEC), pertaining to an insider-trading case from 2013.

The United States Department of Justice (DOJ) has dropped all charges against him, he said in a statement.

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. Aggarwal founded Droom in April 2014.

“Those times were tough for me, my family and my team members. However, I am very grateful that the US justice system agreed that the dismissal of all charges against me was the right and just result. Now, we can put this permanently behind us and focus on implementing our long-term vision to permanently change how automobiles are bought and sold in the 21st century,” said Aggarwal.

Published on February 19, 2020

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