Published in News
AMD man involved in insider dealing case
Not named and chipmaker shamed
AMD has found itself involved in an insider dealing case in the US. An unnamed AMD executive is repeatedly named in the Galleon Funds insider-trading case, presenting a potentially awkward situation for the chipmaker as the case goes forward.
The bloke has not been named or charged yet, but it will be a little embarrassing for the chipmaker which might have been feeling a little smug after Rajiv Goel, a managing director of strategic investments for Intel's treasury group, was arrested and charged in the case and put on leave.
A high level IBM exec, senior vice president Robert Moffat, has also been charged over supplying details about IBM and Sun Microsystems earnings to Danielle Chiesi, who worked for the New Castle hedge fund.
An AMD spokesman said that it is reviewing the situation.This case involves Raj Rajaratnam, who founded the Galleon Group, a New York-based hedge fund that manages $7 billion in funds. Federal prosecutors charged Rajaratnam and five others on Friday with securities fraud, alleging they were involved in insider trading of well-known tech companies, including Intel, Google, AMD, and IBM.
The case claims that Rajaratnam and others engaged in insider-trading activity when AMD was trying to reorganiae and spin off its manufacturing operations last year.