Another Guilty Plea in Connection with the Galleon Case
Robert Moffat admits that he revealed stock information to Danielle Chiesi about several companies.
March 28, 2010 at 08:00 PM
2 minute read
The original version of this story was published on Law.com
Robert Moffat, former senior vice president of International Business Machines Corp., pleaded guilty today to conspiracy and securities fraud in connection with the Galleon Group LLC and New Castle Funds LLC cases.
Moffat admitted in federal court to leaking inside information to New Castle consultant Danielle Chiesi that “would be helpful to her-.” Chiesi's charges state that three individuals leaked information to her; the other two aren't identified in the court documents. Chiesi was indicted along with Galleon Group's founder, Raj Rajaratnam, for earning millions of dollars through illegal stock trades made with information received through confidential tips.
Moffat also told the court that he used information he obtained as a nonvoting member of Lenovo Group Ltd. as well as an IBM veteran to leak information to Chiesi about IBM, Lenovo and Advanced Micro Devices Inc. (AMD). He revealed information about IBM's low sales, Lenovo's earnings and AMD's restructuring.
With his plea agreement Moffat faces a maximum of six months in prison, or he could avoid a prison sentence all together. Moffat is scheduled for sentencing in U.S. v. Moffat on July 26.
To read more of this story, follow this link: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOlX0WoBu4YM
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