Feeds

Ex-Nvidia man coughs to insider trading charge

It's a fair cop, guv

  • alert
  • submit to reddit

Beginner's guide to SSL certificates

Former Nvidia staffer Manu Shrivastava, who was fingered last August by the US Securities and Exchange Commission and the San Francisco District Attorney's office for alleged insider trading, yesterday pleaded guilty to the crime.

Shrivastava, 31, was charged last summer with profiting from inside knowledge of Microsoft's plan to hand the Xbox graphics development contract to Nvidia.

The SEC said Shrivastava paid $30,825 for Nvidia stock options, acquired after he found out about the Microsoft deal from internal emails but before the alliance had been announced publicly. When the X-box deal was announced, the options became worth $446,000, an increase of well over one thousand per cent.

Shrivastava's guilty plea follows an arrangement with the San Francisco DA and, we assume, the SEC. His profits from the stock sale will be seized by the US government, he agreed.

Sentencing will take place on 28 February 2001. Shrivastava faces up to 15 years in prison and fines of $500,000, though the latter may have been waived through his plea bargain. He also faces a civil action brought separately by the SEC. ®

Related Story

Former Nvidia engineer nabbed for insider trading

Internet Security Threat Report 2014

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Simplify SSL certificate management across the enterprise
Simple steps to take control of SSL across the enterprise, and recommendations for a management platform for full visibility and single-point of control for these Certificates.
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.