NEW YORK - A former IBM senior executive says he is pleading guilty to federal charges arising from what prosecutors call the largest insider trading case in hedge fund history.
Robert Moffat announced his plea Monday in federal court in Manhattan. It was not immediately accepted by the magistrate judge.
The 53-year-old Moffat says he is pleading guilty to conspiracy to commit securities fraud and securities fraud. The charges carry a potential penalty of 25 years in prison.
Moffat was once considered a candidate for chief executive officer at IBM. He has been free on $2 million bail.
Moffat was considered the highest level executive arrested in connection with a scheme that centred on the securities trades of a portfolio manager for Galleon Group.