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Hector Ruiz linked to Galleon insider trading scandal

Posted on Wednesday, October 28 2009 @ 15:32:23 CET by

WSJ reports former AMD CEO Hector Ruiz has been linked to the Galleon inside trading scandal. The report suggests Ruiz may be the AMD executive that tipped off a hedge fund about the deal the company made with Abu Dhabi to spin off the company's manufacturing arm.
The involvement of Mr. Ruiz, 63 years old, adds the biggest name yet to the case, in which Raj Rajaratnam, co-founder of the hedge-fund firm Galleon Group, and five others including Ms. Chiesi face federal criminal and civil charges. All have said they are innocent. Galleon said Tuesday it has nearly completed liquidating its funds.

A complaint filed in a New York federal court this month alleged that the AMD executive now identified as Mr. Ruiz shared confidential information with Ms. Chiesi, who worked at the hedge fund New Castle partners, about a 2008 reorganization of AMD. The deal spun off AMD's manufacturing operations to a joint venture bankrolled by investors from Abu Dhabi. Mr. Ruiz became chairman of the new company, Globalfoundries Inc., and continues in that role.



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