Former IBM executive Robert Moffat has been jailed for six months in jail for his part in a major insider trading scheme. U.S. District Court in Manhattan fined him $50,000 after serving his jail time, which is due to begin on June 11 of 2011.
The former Biggish Blue boss admitted to revealing insider information about IBM, Lenovo, and AMD to New Castle Funds consultant Danielle Chiesi, who he was having a fling with. The crime allegedly spread to 12 other people, in two related insider-trading schemes, including Raj Rajaratnam, founder of hedge fund Galleon Group.
Apparently there was a lot of cash being made in information regarding Intel, Google, IBM, and AMD. Sheesh they should have just read Fudzilla.
Rajaratnam and Chiesi are awaiting trial next year.
Insider trading
Nick Farell
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