Monday, 22 December 2014
Last updated 6 hours ago
Mar 24 2010 | 12:32pm ET
Former IBM executive Robert Moffat is set to become the 11th person to plead guilty in the Galleon Group insider-trading scandal.
Prosecutors said yesterday that Moffat will waive indictment and will instead be charged in a criminal information, which indicates that he plans to enter a guilty plea. It is unclear whether Moffat is cooperating with the investigation, as most of those who have previously pleaded guilty have done.
Moffat, once considered a possible CEO candidate at IBM, was senior vice president and group executive at IBM’s systems and technology group. He has been free on $2 million bail since his arrest in October, accused of passing on confidential information about IBM, Sun Microsystems and Advanced Micro Devices to Danielle Chiesi, a former executive at hedge fund New Castle Partners. He has previously denied any wrongdoing.
Chiesi is currently the co-defendant of Galleon Group founder Raj Rajaratnam. Both have pleaded not guilty, as have seven others. To date, 10 of the 21 individuals charged in the alleged $50 million insider-trading scandal have pleaded guilty.
Moffat is scheduled to appear in court for a hearing on Monday.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.