Sep 13, 2010
Former IBM Executive Sentenced to 6 Months for Securities Fraud
A tearful former IBM executive who has admitted that romance clouded his judgment was sentenced to six months in prison and ordered to pay a $50,000 fine Monday for his role in what prosecutors call the biggest hedge fund insider trading case in history. The sentence came in a case that resulted in charges against 21 defendants last fall. Authorities say profits from illegal trades topped $50 million, although Robert Moffat’s tips resulted in no profits and he received no money, lawyers on both sides agreed.