Sat, Dec 18, 2010 - Page 10 News List

Four arrested for insider trading in US

CONFIDENTIAL INFORMANTS:One of the four ‘expert consultants’ who were arrested worked for Taiwan’s TSMC, which said it fired him for violating several company policies


For Karunatilaka, bail was set at US$250,000 after an initial appearance in federal court in Boston. He was expected to be released on Thursday. His lawyer, Brad Bailey, said he was reviewing the allegations against his client and would decide how to proceed.

TSMC said yesterday the company fired Karunatilaka for violating company policies.

“We fired him yesterday because he violated several company policies,” said Elizabeth Sun (孫又文), director of TSMC’s corporate communications division.

“TSMC has cooperated fully with the Department of Justice and will continue to do so,” Sun said.

Longoria appeared before US Magistrate Judge Andrew W. Austin, who ordered him released on a US$50,000 unsecured bond and told him to surrender his expired passport.

Longoria resigned Oct. 22 from AMD, where he had worked since 2007, said Mike Silverman, a company spokesman.

“It appears that AMD is the victim of an insider trading scheme,” Silverman said. He added that AMD was cooperating with investigators.

Lawyers for Fleishman did not return phone calls for comment.

additional reporting by Reuters

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