Intel insider trader fined $12,000
Pridgeon makes total Ancor of himself
Ex-Intel staffer Brian Pridgeon was yesterday ordered to pay a $12,000 fine and sentenced to six months at home after being found guilty of insider trading.
Pridgeon, 37, admitted passing inside information to his cousin, Stephon Carradine, concerning a deal to be struck between Intel and Ancor Communications, now part of QLogic. Prior to the announcement of the deal in December 1999, Pridgeon, Carradine, 37, and Carradine's business partner, Colin Smith, 50, bought Ancor stock.
Ancor's shares rose on news of the Intel deal, netting the three $232,000. Pridgeon quit his job at Intel shortly afterwards.
However, the US Securities and Exchange Commission got wind of the scheme, and all three were charged last year with insider trading. Smith was convicted of lying to the SEC, but he was acquitted, along with Carradine, of insider trading.
In addition to the $12,000 fine, Pridgeon will be detained for six months in his own home - the judicial equivalent of being sent to bed early without any tea. ®
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