Ex-IBM exec faces sentencing for his role in biggest hedge fund insider trading case

Sentencing set for ex-IBM exec

NEW YORK — Former IBM executive Robert Moffat faces sentencing for his role in the biggest hedge fund insider trading case in history. He pleaded guilty to conspiracy to commit securities fraud and securities fraud earlier this year.

The 53-year-old Moffat of Ridgefield, Conn., was once considered a candidate for chief executive officer at International Business Machiones Corp.

His lawyers say an intimate relationship with a hedge fund company employee who later “played” him led Moffat to feed her confidential information.

The lawyers have asked a judge to sentence him to probation.

Prosecutors have asked that Moffat be sentenced to six months in prison. They say his crimes were committed out of a misguided belief he could never be caught.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

NEW YORK (AP) — Former IBM executive Robert Moffat faces sentencing for his role in the biggest hedge fund insider trading case in history. He pleaded guilty to conspiracy to commit securities fraud and securities fraud earlier this year.

The 53-year-old Moffat of Ridgefield, Conn., was once considered a candidate for chief executive officer at International Business Machiones Corp.

His lawyers say an intimate relationship with a hedge fund company employee who later “played” him led Moffat to feed her confidential information.

The lawyers have asked a judge to sentence him to probation.

Prosecutors have asked that Moffat be sentenced to six months in prison. They say his crimes were committed out of a misguided belief he could never be caught.