A senior Microsoft employee has been hit with insider trading charges by the US Securities and Exchange Commission.
The regulator said that Brian Jorgenson, a manager in Microsoft’s corporate finance and investments division, tipped off a friend ahead of big company announcements.
The friend, Sean Stokke, then allegedly traded on the information and they split the profits in shared brokerage accounts in hopes of saving enough money to create a hedge fund.
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.
The SEC alleges that the two made $393,125 in illicit profits from the scheme, which started in April 2012. It said that Mr Jorgenson leaked information about Microsoft’s investment in Barnes & Noble’s e-reader business and its quarterly earnings, among other events.
Microsoft did not immediately have a comment.
This is very common in India ,Everybody is doing !!