Thursday, 30 June 2016
Last updated 5 hours ago
May 29 2014 | 9:56am ET
Matthew Teeple, a former analyst at Artis Capital Management, yesterday became the latest hedge-fund employee to plead guilty to insider trading.
Teeple admitted that he passed a tip about Brocade Communications Systems’ planned acquisition of Foundry Networks in 2008, and pushed his own colleagues at Artis to trade on it. Teeple allegedly got the information from former Foundry chief information officer David Riley, with whom he was set to stand trial in July.
Teeple acknowledged that he passed the tip on to two others who have already pleaded guilty: Former Wyoming Retirement System chief investment officer John Johnson and Karl Motey, a cooperating witness who has played a role in several recent insider-trading cases.
“I deeply regret the role I played in this illegal conduct,” Teeple said in court.
By pleading guilty to conspiracy, Teeple will face only five years in prison when he is sentenced in September. Had he been convicted of fraud at trial, he could have received 20 years in prison.