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Ex-IBM exec Moffat pleads guilty to securities fraud

By Mark H. Astarita, Esq.

Lest anyone believe that tipping without trading is not a big deal, a lesson to be learned. Robert Moffat, a senior executive at IBM pleaded guilty yesterday to conspiracy to commit securities fraud and securities fraud, in connection with his involvement in what is being called the largest insider trading case involving a hedge fund fraud in history. (One press report called it the largest hedge fund fraud in history. Unfortunately, it is not even close).Moffat was not accused of trading on inside information, but rather he was accused, and plead guilty to disclosing inside information to the hedge fund. The press reports indicate that although the charges carry a maximum 25 year sentence, Moffat is expected to receive 6 months in prison.He is not accused of receiving any financial benefit from the disclosures, and his motives for doing so will remain a mystery...continue to full post

Full post as published by SECLaw.com on March 30, 2010 (boomark / email).