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Moffat denies SEC's insider trading charges

Claims he never said anything 'material'

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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. ®

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