The largest insider trading case has come outside. International Business Machines Corporation (IBM), is facing an inside fraud, in which the vice president of IBM, Robert Moffat, aka Bob Moffat, has been arrested along with many other executives, involved in the fraud.
Robert Moffat is working at the position of senior vice president and group executive of IBM, a Systems and Technology Group since 2008, he joined IBM in 1978 and spent most of his tenure in computer business and held many top and executive positions. At the current position, he was fulfilling the responsibility of manufacturing and marketing of Personal Computers, worldwide sales, development, and Retail Solutions.
According to FBI statement, this is the largest case of conspiracy and fund inside- trading in the US history. Arrests of a high-level management and executives of Intel, the largest chip making company worldwide, has also been made.
The FBI and the US Attorney’s office in Manhattan charged 6 people for insider trading defrauding, including Robert Moffat, and Rajiv Goel, director of strategic investments, in the finance department of Intel. Rajaratnam, a portfolio manager; Danielle Chiesi, an executive of Bear Stearns’ hedge-fund group,director at McKinsey & Co,Anil Kumar, are also arrested. They are also accused of security fraudand also for illegal buying and selling within the company.
US authorities are using all possible sources to investigate against these high-level criminals. Legally authorized wire taps are also being used to pin down insider trading, and it is the biggest crime of its kind ever targeted in America.
Bob Moffat
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