Feeds

Intel Insider faces 25 years inside

What an Ancor

  • alert
  • submit to reddit

Bridging the IT gap between rising business demands and ageing tools

The US Securities and Exchange Commission and the Los Angeles District Attorney have accused erstwhile Intel product marketing engineer Brian Pridgeon of insider trading.

Pridgeon worked at Intel until March this year, and faces charges that he, his cousin and a business partner made almost a quarter of a million dollars between them by snapping up shares in Ancor Communications last December, shortly before Intel announced a collaborative deal with the Minneapolis-based company involving Intel's purchase of $14 million worth of Ancor stock.

Early last week, the SEC nabbed an ex-Nvidia employee for allegedly profiting from his inside knowledge of his company's business relationship with Microsoft.

In the Pridgeon case, each man faces charges of conspiracy and two counts of securities fraud that could land them in federal prison for up to 25 years if convicted.

Pridgeon allegedly used his inside knowledge to buy 5600 shares of Ancor stock before the deal was made public in December 1999, and he ultimately sold the shares after the deal was announced for a profit of $137,000. The other two accused are said to have also bought options in Ancor on advice from Pridgeon, selling them just after the deal was made public, netting $95,000 in profits

"My client denies any wrongdoing and expects to be fully vindicated," said Pridgeon's lawyer.

Intel had no comment to make. ®

Related Stories

Former Nvidia engineer nabbed for insider trading
Sun steps up to the SAN trough

Build a business case: developing custom apps

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.