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WASHINGTON--A new arrival to Wall Street and former student-body president at New York University's Stern School of Business was charged with insider trading tied to a $1.7 billion buyout.

Bill Tsai, a 23-year-old analyst at RBC Capital Markets, was arrested Sunday and charged with criminal securities fraud, according to federal prosecutors in New York. The Securities and Exchange Commission also sued Mr. Tsai Monday on civil claims.

Authorities allege that Mr. Tsai earned about $99,000 by purchasing bullish options on Electronics for Imaging Inc. that rose in value after the company announced it would be acquired by a private-equity firm. Mr. Tsai didn't disclose to RBC the account he used to buy the options, according to the SEC's complaint...

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Aug 12, 2019