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Ex-exec at technology company, hedge fund analyst charged in NY in $27M insider trading scam

Washington Post – The former chief information officer for a technology company and an analyst were arrested Tuesday in California in a $27 million insider trading case brought in New York, where a prosecutor said the case illustrates that the groups of Wall Street cheats “continue to swell.”

Federal authorities arrested David Riley, 47, a former vice president at Foundry Networks Inc., a firm in Santa Clara, Calif., that made networking hardware before it was acquired by Brocade Communications Systems Inc. for about $3 billion in December 2008, and analyst Matthew Teeple, 41, of San Clemente, Calif. Each was charged in federal court in Manhattan with conspiracy to commit securities fraud and three counts of securities fraud. If convicted, each could face up to 65 years in prison.

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