Arik Hesseldahl

Recent Posts by Arik Hesseldahl

Guilty Plea Pending From Former AMD Manager Charged in Insider Trading Case

A former supply chain manager at chipmaker Advanced Micro Devices charged with participating in an insider trading scheme is negotiating with prosecutors to plead guilty to the charges, The Wall Street Journal reported today.

Mark Anthony Longoriawas among four people charged in December. Federal prosecutors in New York City said he leaked confidential information about unannounced earnings to investors as part of his role as a consultant with Primary Global Research, a research firm based in Mountain View, Calif. He was charged with wire fraud and conspiracy to commit securities fraud and wire fraud

In the complaint, prosecutors said that Longoria provided Primary Global clients with revenue and gross margin information, sales figures and average sales prices and that he was paid more than $200,000 for the information, though Longoria’s attorney says that figure is incorrect and that the correct figure is closer to $130,000. The complaint quoted Longoria in a recorded call as saying he had “a buddy that works in finance” who gave him “nitty gritty details” about the company’s forecasts. It’s possible he could become a cooperating witness in the government’s ever-widening insider trading case.

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I think the NSA has a job to do and we need the NSA. But as (physicist) Robert Oppenheimer said, “When you see something that is technically sweet, you go ahead and do it and argue about what to do about it only after you’ve had your technical success. That is the way it was with the atomic bomb.”

— Phil Zimmerman, PGP inventor and Silent Circle co-founder, in an interview with Om Malik