Former tech exec settles insider trading charges

Oct 28, 2012

(AP)—A former executive at a technology firm in Silicon Valley is settling charges lodged by federal regulators that he provided insider information to convicted Galleon hedge fund manager Raj Rajaratnam.

Dozens of people have been charged in the case, one of the biggest insider-trading probes in history. The hedge fund founder relied on tips from company insiders that officials say helped him make nearly $1 million illegally.

The U.S. said Friday that former Xilinx Inc. chief financial officer Kris Chellam shared confidential information with Rajaratnam in 2006 that indicated the company would fall short of its public revenue projections. That enabled the hedge fund manager to short sell the stock illegally for profit.

Chellam has agreed to pay more than $1.75 million to settle the charges.

Explore further: BlackBerry courts iPhone users with cash

5 /5 (1 vote)
add to favorites email to friend print save as pdf

Related Stories

Report: AMD ex-CEO said linked to Galleon case

Oct 28, 2009

(AP) -- Chip maker Advanced Micro Devices Inc. is "thoroughly reviewing" published reports fingering former chairman and CEO Hector Ruiz as the AMD executive who gave confidential company information to a defendant in the ...

Yahoo shareholder pushes for its board nominees

Mar 21, 2012

(AP) -- One of Yahoo's major investors is urging shareholders to vote its four nominees on to the Internet company's board, launching a potentially nasty fight to transform the Internet company's board.

Insider trading case focuses on Apple's secrets

Dec 16, 2010

(AP) -- Federal prosecutors in Manhattan broadened their insider trading crackdown Thursday, arresting four people on charges alleging that so-called "expert consultants" revealed secrets about Apple Inc.'s iPhone and other ...

Recommended for you

BlackBerry courts iPhone users with cash

9 hours ago

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

10 hours ago

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

Apple market value hits $700 bn

16 hours ago

A rise in Apple shares Tuesday pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.