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18 Dec 2010

5 Arrested In Insider Trading Probe - Five research executives have been arrested by the FBI, James Fleishman, from Primary Global Research, Mark A. Longoria, from Advanced Micro Devices, Walter Shimoon, from Flextronics International, and Manosha Karunatilaka from Taiwan Semiconductor Manufacturing.

The Washington Post reports that the four men were accused of selling confidential information to hedge funds while the fifth man, Daniel Devore, formerly an executive with Dell, pleaded guilty to wire fraud and conspiracy to commit wire fraud and securities fraud.

“A corrupt network of insiders at some of the world’s leading technology companies served as so-called consultants who sold out their employers by stealing and then peddling their valuable inside information,” U.S. attorney Preet Bharara said in a statement, according to The Washington Post.