Feeds

Ex-boss of AMD linked to Galleon fraud probe

Hector Ruiz fingered

Remote control for virtualized desktops

The ex-boss of AMD Hector Ruiz could face charges relating to the Galleon insider trading case.

Ruiz - former chief executive of AMD and now chairman of Globalfoundries - is accused of passing information on to hedge fund manager Danielle Chiesi, not of profiting personally.

Court documents reveal that an executive at AMD told Chiesi that the company planned to spin off its manufacturing business into GlobalFoundries in September, ahead of the official announcement in October. Chiesi worked for hedge fund New Castle and sought to profit from the information. She is also accused of getting inside info from senior IBM executive Robert Moffat.

Ruiz was fingered by anonymous sources talking to Bloomberg. Ruiz and GlobalFoundries, declined to comment. Ruiz has not been charged with any offence.

Executives from Intel have also been dragged into the case, which the FBI describes as the world's largest ever insider trading case. It is also the first time that wire-tap evidence has been used to bring insider trading charges.

The $20m scam still has a long way to unravel and is dragging in most of the biggest names in the industry - Google recently dropped its investor relations firm Market Street Partners over allegations that one of its staff leaked Google's numbers to someone at Galleon.

IBM executive Robert Moffat has been suspended after he was arrested and charged with conspiracy. ®

Intelligent flash storage arrays

Whitepapers

Designing and building an open ITOA architecture
Learn about a new IT data taxonomy defined by the four data sources of IT visibility: wire, machine, agent, and synthetic data sets.
Why CIOs should rethink endpoint data protection in the age of mobility
Assessing trends in data protection, specifically with respect to mobile devices, BYOD, and remote employees.
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.
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?
Security and trust: The backbone of doing business over the internet
Explores the current state of website security and the contributions Symantec is making to help organizations protect critical data and build trust with customers.