AP’s Larry Neumeister repoer that the former chief
information officer for a technology company and an analyst for a Bay Area
hedge fund were arrested Tuesday in a $27 million insider trading case that
prosecutors say involved several Silicon Valley companies.
Federal authorities arrested David Riley, 47, a former vice
president at Santa Clara-based Foundry Networks, which made networking hardware
before it was acquired by larger San Jose rival Brocade Communications Systems
for about $3 billion in December 2008; and analyst Matthew Teeple, 41, of Artis
Capital Management, a San Francisco-based hedge fund. Each was charged in
federal court in Manhattan with conspiracy to commit securities fraud and three
counts of securities fraud. If convicted, each could face up to 65 years in
prison….
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