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IBM and Intel Capital accused of insider trading

IBM senior VP and Intel Capital MD arrested as Intel becomes involved in insider trading scandal

Robert W. Moffat Jr., senior vice president at IBM and Rajiv Goel, managing director of Intel subsidiary, Intel Capital, along with four other executives, have been arrested on charges of insider trading. The charges relate to information passed on to Danielle Chiesi, who worked for New Castle Partners, a former Bear Stearns hedge fund regarding quarterly earnings for IBM and its partners as well as information regarding AMDs recent sale to Abu Dhabi group before the transaction was complete.

Early reports suggest the fraud led to almost $25 million in illegal returns for those involved. THE SEC expects more charges to be laid in what could be one of the biggest insider trading cases for a decade. Certainly one of the largest in the IC industry. The central figure in the conspiracy appears to be Galleon Group portfolio manager, Raj Rajaratnam.


Not surprisingly, no one company or individual is prepared to comment on the situation at this stage.

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