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Ex-AMD Chief Ruiz Said To Be Tied to Galleon Case

Publication Date: 
October 28, 2009
Source: 
Bloomberg News
Author: 
Ian King

Professor Robert Weisberg, an expert in criminal law and white collar crime, is quoted in Bloomberg on insider trading, with regards to the Galleon Group LLC insider trading case:

Hector Ruiz, former chief executive officer of Advanced Micro Devices Inc., is the AMD executive who prosecutors allege provided information to a defendant in the Galleon Group LLC insider-trading case, a person familiar with the investigation said.

An unnamed “AMD executive” was cited in a complaint filed against Danielle Chiesi, who is accused of using material nonpublic information to trade stocks. The person identifying Ruiz as the executive asked to remain anonymous because those details of the case aren’t public. Ruiz stepped down as CEO last year and then became chairman of Globalfoundries Inc. as part of its spinoff by AMD, the world’s second-largest maker of personal-computer processors.

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Robert Weisberg, a professor specializing in criminal law and white-collar crime at Stanford Law School, said Ruiz may be cooperating with the investigation or may be deemed not to have violated the law.

It’s possible Ruiz shared information with Chiesi under legitimate, confidential circumstances, Weisberg said. In that case, he said, Chiesi may have used the information improperly, leading her to face additional charges of misappropriation, Weisberg said. Chiesi has denied wrongdoing.