Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) — A former chief information officer at a California-based technology company has been convicted in New York of insider trading charges in a scheme authorities say produced $27 million in illegal profits.
San Jose, California, resident David Riley was convicted of conspiracy to commit securities fraud and securities fraud Thursday in federal court in Manhattan. Sentencing was set for Feb. 6. The jury deadlocked without a verdict on one count.
Riley is the 87th defendant convicted of insider trading in Manhattan in the last five years. He had denied the charges.
Prosecutors say he gave information from secret financial reports about Foundry Networks to a San Francisco-based hedge fund analyst who spread the information to others. The former analyst pleaded guilty to related charges in May.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
