Galleon insider trading case claims another technology scalp
Hector Ruiz, head of GlobalFoundries, has taken immediate leave of absence from the company today and will resign in the New Year.
Ruiz was linked last week with the insider dealing investigation currently underway into the Galleon Group hedge fund. GlobalFoundries, the chip manufacturing arm of AMD, said board member Alan E. “Lanny” Ross would serve as interim chairman.
Ruiz is the second senior executive linked to the investigation to suddenly leave their position. On Friday IBM announced that Bob Moffat, head of IBM’s Systems and Technology Group, had retired from the company.
“Bob Moffat, who had been placed on a leave of absence as a result of a US federal investigation into his personal activities, is no longer an employee of IBM,” said the message posted on an internal messaging board.
The ongoing investigation into the Galleon Group hedge fund over insider trading in technology stocks has caused a storm of interest across Silicon Valley. Six people have been indicted over allegations that they shared information used by the $7bn fund to manipulate the stock markets.
