Ex-AMD CEO, Like Top IBM Guy, Source of Insider Information: Reports
The Wall Street Journal identified Ruiz as the guy late Tuesday without naming any sources
By: Maureen O'Gara
Oct. 28, 2009 09:45 AM
Hector Ruiz (pictured), then CEO of AMD, was the unidentified source of material information that the busted Galleon ring traded on, according to the Wall Street Journal and Bloomberg.
He’s even higher up the totem pole than Robert Moffat, the head of IBM servers and storage who was arrested and charged on October 16 along with five other co-conspirators in what the government called the biggest case of insider trading involving a hedge fund in history.
For days now the press corps has been leaning on their sources trying to prove the hypothesis that Ruiz was the uncharged AMD insider described by the government in its criminal and civil indictments as the executive who’s “been preaching this deal for so long,” meaning AMD’s spin-off of its fabs and frankly there weren’t too many of those – that’s where the hypothesis came from.
The Wall Street Journal identified Ruiz as the guy late Tuesday without naming any sources. Ruiz is now chairman of Globalfoundries, AMD’s joint venture with the government of Abu Dhabi, reports of which the Galleon ring traded AMD stock on.
The Journal’s story was quickly followed by Bloomberg saying the same thing also without attribution.
Danielle Chiesi, an employee of New Castle Funds, an information conduit to Galleon, and the unlikely femme fatale in the case, allegedly had both Moffat and Ruiz whispering insider information in her ear. Chiesi, like Moffat, was arrested a week ago Friday and, again like Moffat, is out on $2 million bail.
The so-called “asset smart” factory divestiture was Ruiz’s deal.
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