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Friday, 17 December 2010 10:57

AMD, TSMC execs face insider trading probe

Written by Nermin Hajdarbegovic


US Attorney's Office files subpoenas

An insider trading probe targeting executives and consultants in several companies has resulted in serious charges against two TSMC and AMD executives in the US.

The FBI and the US Attorney's Office are currently conducting a wide ranging investigation and several subpoenas have already been filed against executives suspected of shady trading practices.

The charges center on TSMC's business development manager Manosha Kaurnatilaka, who allegedly provided confidential information to Primary Global Research, which distributed the confidential information to investors. Kaurnatilaka received $35,000 in return for his services. According to Reuters, Kaurnatilaka was contacted by the FBI a few months ago and asked to cooperate in the investigation.

The investigation also implicated former AMD supply chain manager Mark Anthony Longoria. US Attorney's Office claims Longoria distributed confidential AMD information to Primary Global Research, including revenues, ASP's, sales figures and gross margin information. Longoria cashed in $200,000 for the effort.

Flextronics business development Director Walter Shimoon and Primary Global Research executive James Fleishman were also charged for their involvement. Fleishman was arrested on fraud and conspiracy charges.

"This wasn't market research," said FBI investigator Janice Fedarcyk . "What the defendants did was purchase and sell insider information. Our investigation is most assuredly continuing."

TSMC has already sacked Kaurnatilaka, while Longoria resigned from AMD in late October.

More here.

Nermin Hajdarbegovic

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