The Securities and Exchange Commission claims the analyst, 27-year-old Ashish Aggarwal, gathered nonpublic information about acquisition deals from colleagues while working at the firm from 2011 to 2013. He then allegedly tipped off Shahriyar Bolandian, who used the data to trade in personal and family member accounts.

A former JPMorgan Securities analyst was arrested Tuesday and charged for his alleged role in an insider trading scheme that netted more than $600,000 in profit.

Aggarwal and Bolandian, as well as Kevan Sadigh, surrendered to the FBI on Tuesday morning, the Department of Justice said. They were charged in a federal grand jury indictment with one count of conspiracy to commit securities and tender offer fraud, 13 substantive counts of securities fraud, 13 substantive counts of tender offer fraud and three counts of wire fraud.

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An arraignment in California federal court was scheduled for Tuesday afternoon.

"Mr. Aggarwal denies the charges against him. He has retained Goodwin Procter to represent him in this matter and intends to vigorously defend himself against these allegations," Aggarwal's lawyer Grant Fondo said in a statement.

The SEC says Aggarwal gleaned nonpublic details about Integrated Device Technology's planned acquisition of PLX Technology and Salesforce.com's planned deal to buy ExactTarget in 2012 and 2013, respectively. The agency alleges he shared it with Bolandian, who in turn tipped off Sadigh.

Trading ahead of public acquisition announcements brought in about $672,000 in profit, according to the SEC.

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JPMorgan Chase declined to comment on the arrest to CNBC. A source familiar with the investigation said JPMorgan has been cooperating.

—CNBC's Ryan Ruggiero contributed to this report.

Correction: An earlier version of this article misspelled Shahriyar Bolandian's name.

