SEC Charges Microsoft Senior Manager With Insider Trading
he Securities and Exchange Commission today charged a senior portfolio manager at Microsoft Corporation and his friend and business partner with insider trading ahead of company announcements. The SEC alleges that Brian D. Jorgenson, who lives in Lynwood, Wash., obtained confidential information about upcoming company news through his work in Microsoft’s corporate finance and investments division._ Jorgenson tipped Sean T. Stokke of Seattle in advance of the Microsoft announcements, the most recent occurring in October._ After Stokke traded on the inside information that Jorgenson provided, the two equally split the illicit profits in their shared brokerage accounts._ They made joint trading decisions with the goal of generating enough profits to create their own hedge fund. In a parallel action, the U.S. Attorney’s Office for the Western District of Washington today announced criminal charges against Jorgenson and Stokke. “Abusing access to Microsoft’s confidential information and generating unlawful trading profits is not a wise or legal business model for starting a hedge fund,” said Daniel M. Hawke, chief of the SEC Enforcement...http://feeds.feedburner.com/~r/msftnws/~4/JarKqcH5OZ8
