SAN FRANCISCO — The U.S. Securities and Exchange Commission has settled charges against a former Nvidia Corp. employee who it alleged set off a chain of bicoastal insider trading that netted hedge funds millions.
The SEC announced on April 23 that it had settled with Chris Choi, a former accounting manager at the Santa Clara, Calif.-based chipmaker. SEC officials alleged that Choi disclosed confidential information about Nvidia to a friend, who then passed the tips on to a chain of hedge funds. The recipients used the inside information to benefit by $16.5 million, according to the complaint.
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