(Reuters) A former analyst at a New York investment fund was arrested on Wednesday on charges that he made approximately $1.5 million trading on inside information about Apollo Global Management’s nearly $7 billion deal for security company ADT Corp. John Afriyie, 28, was charged in a criminal complaint filed in Manhattan federal court for allegedly trading on confidential details about the deal while working at the fund, which was approached about providing debt financing for the deal.
“His profits were not the result of trading acumen, diligent research, or blind luck, but rather the alleged spoils of criminal insider trading,” Manhattan U.S. Attorney Preet Bharara said in a statement.
