SEATTLE: US authorities filed criminal and civil charges against a former Microsoft manager, saying he fed inside information to a day trader who used it to clear $393,000 in illicit transactions.
Brian Jorgenson, 32, was a senior manager in Microsoft Corp.’s Treasury Group when he provided the information to his friend Sean Stokke, 28, according to documents filed in US District Court in Seattle.
They are accused of trading on three corporate developments: two recent quarterly earnings reports, and Microsoft’s 2012 investment in Barnes & Noble Inc.
“Brian’s approach to this is, he needs to make it right,” said Jorgenson’s attorney, Angelo Calfo. “He made a really bad decision, and he’s prepared to take his medicine.” A message seeking comment was left for Stokke’s attorney, Jennifer Horwitz.
The pair planned to use the proceeds to open their own biotech hedge fund, FBI agent Kathleen Moran wrote in the criminal complaint, which charges Jorgenson and Stokke with 35 counts of insider trading.
Both confessed when questioned, Moran wrote, adding that Stokke said he had given Jorgenson about $50,000 in cash out of the proceeds, in $10,000 increments, packed into envelopes.
The pair accumulated Barnes & Noble stock options in advance of Microsoft’s announcement that it was investing in the company’s digital book business, the FBI said. The announcement caused Barnes & Noble’s stock to jump by nearly half, and the pair made $184,000.
They’re also accused of trading on Microsoft’s failure to meet earnings expectations in the fourth quarter of fiscal 2013 and Microsoft’s increased first-quarter profit in fiscal 2014.
Former Microsoft manager charged with insider trading
Former Microsoft manager charged with insider trading
Closing Bell: Saudi main index closes in red at 10,414
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower on Wednesday, shedding 38.85 points, or 0.37 percent, to finish at 10,414.06.
Total trading turnover on the benchmark index reached SR3.46 billion ($920 million), with 123 stocks advancing and 134 declining.
The Kingdom’s parallel market Nomu also shed 41.61 points, or 0.18 percent, to close at 23,428.67.
The MSCI Tadawul Index edged down 0.45 percent to 1,368.36.
Arabian Drilling Co. was the best-performing stock on the main market, with its share price rising 6.8 percent to SR102.90.
Naqi Water Co. gained 4.30 percent to SR58.25, while Saudi Ground Services Co. advanced 3.78 percent to SR38.42.
Tihama Advertising, Public Relations and Marketing Co. saw its share price fall 4.95 percent to SR16.31.
AlAhli REIT Fund 1 also declined 3.53 percent to SR6.29.
On the announcements front, United Mining Industries Co., listed on the parallel market, said it has begun commercial production of gypsum board at its plant in Yanbu.
In a Tadawul statement, the company said the financial impact of the project’s commercial production will be reflected in the first quarter of 2026.
United Mining Industries Co.’s share price was unchanged, closing at SR42.54.
Dkhoun National Trading Co. said its shareholders approved the board’s recommendation to distribute interim dividends on a semi-annual or quarterly basis for 2025.
According to a Tadawul statement, shareholders also approved transferring the balance of the company’s statutory reserve, valued at SR2.43 million, to retained earnings.
Dkhoun National Trading Co.’s shares saw no trades and closed at SR65.
