Sunday, 21 December 2014
Last updated 1 day ago
Sep 14 2010 | 1:14am ET
Robert Moffat, the former top IBM executive who admitted to tipping off an alleged member of the Galleon Group insider-trading ring, was sentenced to six months in prison.
U.S. District Judge Deborah Batts imposed the sentence sought by prosecutors. Moffat’s legal team had argued that he should be sentenced to probation and spared jailtime.
“Why the defendant betrayed the only employer he has had for his entire career has not been addressed,” Batts said. “His astounding breach of his fiduciary duty to his employer is why he is here.”
Moffat pleaded guilty to conspiracy and securities fraud in March. He admitted passing confidential tips about IBM and two other companies to Danielle Chiesi, then at hedge fund New Castle Partners. Chiesi, with whom Moffat was having an affair, is the co-defendant of Galleon founder Raj Rajaratnam and has pleaded not guilty to the charges against her.
Moffat, one of a dozen people to plead guilty in the case, will not have to begin serving his sentence until next June. After his release, he will have to pay a $50,000 fine.
All told, 21 people have been charged in the Galleon case.
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.