Feeds

Intel Insider faces 25 years inside

What an Ancor

  • alert
  • submit to reddit

The essential guide to IT transformation

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

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Scale data protection with your virtual environment
To scale at the rate of virtualization growth, data protection solutions need to adopt new capabilities and simplify current features.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
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?