Silicon Valley Mystified By Reports Top Executive Hector Ruiz Leaked Company Secrets
Professor Robert Weisberg, an expert in criminal law and white collar crime, is quoted in the San Jose Mercury on insider trading, with regards to Hector Ruiz's possible involvement in the Galleon Group LLC insider trading case:
The revelation that Hector Ruiz, former CEO of Advanced Micro Devices, allegedly leaked confidential information about his company in the biggest hedge-fund insider trading case in history has left many Silicon Valley colleagues shocked and mystified at his reported involvement.
"It just doesn't make sense," said Jerry Sanders, AMD's co-founder and the company's CEO before Ruiz assumed that job in 2002. "People make dumb mistakes — talk show hosts having sex with subordinates, at least I understand the sex drive. I don't understand this. You just don't talk about things that aren't public. You don't talk to people about insider information, whether you benefit from it or not."
The criminal complaint says that the information obtained about AMD was disclosed "in violation of duties and trust and confidence." That makes it appear to be a conventional case of insider trading where both the tipster and the recipient of the information could be guilty, even if one of them didn't trade on the information, said Robert Weisberg, Stanford law professor and expert on white-collar crime.