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.
September 14, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A tearful former IBM executive who has admitted that romance clouded his judgment was sentenced to six months in prison Monday for his role in what prosecutors call the biggest hedge fund insider trading case in history.
Robert Moffat, 54, was also ordered to pay a $50,000 fine by U.S. District Judge Deborah A. Batts following his guilty plea earlier this year to securities fraud and conspiracy to commit securities fraud.
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