NEW DELHI: 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 USD 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.
Aggarwal founded Droom in April 2014.
"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," he said.
Droom is currently generating USD 1.2 billion in annualised gross merchandise value (GMV) and has over 3.53 lakh auto dealers listed on its platform.