Feeds

Moffat denies SEC's insider trading charges

Claims he never said anything 'material'

Providing a secure and efficient Helpdesk

Former IBM hardware boss Robert Moffat asked a US court this week to dismiss the insider trading civil charges brought against him by the SEC.

Reuters reports that in filings delivered by his lawyers, Moffat admitted speaking to Danielle Chiesi, of hedge fund New Castle. Moffat and Chiesi are amongst those facing charges related to the "Galleon" insider trading scandal.

But Moffat denies providing "material nonpublic information" regarding IBM, Sun Micro and AMD.

The papers say that Moffat was one of a number of IBM execs performing due diligence on Sun earlier this year - the ailing server firm was being shopped around at the time. During this time, Moffat confirms he communicated from "time to time" with Chiesi.

Chiesi also denies receiving, distributing or making use of any material nonpublic information. Chiesi's firm, New Castle also denies the charges, as does former New Castle general partner, Mark Kurland.

Two other defendants - ex-Intel Capital executive Rajiv Goel and former McKinsey partner Anil Kumar - have invoked their fifth amendment right not to be a witness against themselves.

Moffat was charged in the case in October. At the time, Moffat headed up IBM's hardware operations and was seen as the heir to current CEO Sam Palmisano

Moffat initially stepped back from his IBM role, and left the company altogether at the end of October to concentrate on fighting the charges. ®

Beginner's guide to SSL certificates

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
DVLA website GOES TITSUP on day paper car tax discs retire
Welcome to GOV.UK - digital by de ... FAULT
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.