Business News - Alleged insider trading source resigns

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Alleged insider trading source resigns

SUNNYVALE, Calif. (UPI) -- California chipmaker Globalfoundries said its chief executive officer Hector Ruiz would resign after being tied to the Galleon Group insider trading scandal.

The company said Monday Ruiz would take a leave of absence, then formally retire on Jan. 4, The New York Times reported. His replacement, Alan Ross, will hold the CEO position in an interim status, the company said.

Ruiz is the former CEO of Advanced Micro Devices, where he allegedly passed confidential information to Danielle Chiesi of New Castle Funds, who allegedly relayed the information to the Galleon Group hedge fund, founded by Raj Rajaratnam

Both Rajaratnam and Chiesi are defendants, but Ruiz has not been charged with a crime, the Times said.

Copyright 2009 by United Press International

This news arrived on: 11/02/2009

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