October 27th, 2009
WSJ: AMD's former CEO was a Galleon tipster
The Galleon Group insider trading scandal continues to net some big technology fish. And the Wall Street Journal is reporting that former AMD CEO Hector Ruiz leaked confidential information to Galleon.
The Securities and Exchange Commission nailed Galleon for insider trading. The ring leader, Raj Rajaratnam, co-founder of the hedge fund firm Galleon Group, allegedly got inside dirt from a bevy of tech executives.
Until now the biggest exec was former IBM executive Bob Moffat, senior vice president of Big Blue’s systems and technology group. Ruiz trumps that.
The Journal, citing people familiar with the matter reports, that Ruiz tipped Galleon off to a 2008 reorganization of AMD. AMD spun off its manufacturing unit into a company called Globalfoundries. Ruiz is now chairman of Globalfoundries.
Also: IBM’s Moffat put on leave after insider trading scandal
Senior IBM exec among those charged in Wall Street insider trading sting
Larry Dignan is Editor in Chief of ZDNet and Editorial Director of ZDNet sister site TechRepublic. See his full profile and disclosure of his industry affiliations.
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