IBM head tied to trading scheme

October 17, 2009 5:10:07 PM PDT
A senior vice president at IBM is facing charges.The Securities and Exchange Commission says Robert Moffat is tied to a massive insider trading scheme.

Several other business leaders are also charged, including billionaire Raj Rajaratnam.

The SEC says the scheme generated more than $25 million in illegal gains.

The agency claims Moffat shared insider tips about Sun Microsystems. They say he obtained the information when IBM was considering acquiring Sun.

The investigation is ongoing at this time.

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