Monday, September 13, 2010

Galleon Watch - Moffat Sentenced to Six Months in Jail

Bloomberg Businessweek and other news sources reported today that Bob Moffat has been sentenced to six months in jail for his role in the Galleon insider trading scandal.

Moffat pleaded guilty earlier this year, admitting to leaking confidential information to Danielle Chiesi. Moffat also admitted to a personal relationship with Chiesi, who awaits trial.

Moffat will begin his jail time on June 30, 2011, having been granted a request to remain free to attend his child’s college graduation next year.

Did he get what he deserved? What do you think?

If you missed the prior stories, you can catch up here.

10 comments:

Anonymous said...

I bet if I gave away company secrets, I'd be 1) fired and 2) remanded immediately upon the judge's verdict. High priced legal representation gets you a 9 mo delay...What a joke.

KarenG said...

Look at this, you posted on a Monday instead of a Friday! Sorry, lame comment but I just had to say it.

Colette said...

Anonymous -- I bet you would, and me too!

KarenG -- consider this a special breaking news edition.

Anonymous said...

Well I bet he's still not short of a buck or two and even if he never works again I bet he won't be struggling.

Seems like a slap on the wrist more than punishment. I guess if you want to commit a crime the motto is "go big".

Colette said...

Anonymous, I think you nailed it.

Greg said...

well, he'll probably have to resign his country club membership. That'll really hurt.

Colette said...

Greg, maybe not. I shudder to think that he might actually be considered a hero in some circles.

Greg said...

Now I'm depressed - do you really think that? 100% of my IBM friends think he is a total idiot.

Colette said...

Sadly, I do think there are some circles where his behavior might just be considered normal. Since (I'm guessing) neither of us belong to his country club, I suppose we'll never know for sure.

Anonymous said...

Did he get what he deserved? Certainly not. Moffat was part of an executive team that destroyed what IBM once stood for and this is not even a slap on the wrist, as I'm sure he will still live quite comfortably thanks to his IBM payout/pension.

A six-month sentence at a country-club like setting at some minimum security is an insult to anyone who ever worked at IBM and followed the Business Conduct Guidelines (or had any sense of integrity).

As others have said, the rules seem to different for the business elite - I'm sure I'd be penniless and crushed if it were me and not Moffat. Of course, I would never even dream of selling out my company.