Feeds

Intel Insider faces 25 years inside

What an Ancor

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

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

Website security in corporate America

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Bono: Apple will sort out monetising music where the labels failed
Remastered so hard it would be difficult or impossible to master it again
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Radio hams can encrypt, in emergencies, says Ofcom
Consultation promises new spectrum and hints at relaxed licence conditions
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.