NEW YORK — The federal government has filed charges against a California hedge-fund analyst and a former tech executive in its continuing crackdown on insider trading on Wall Street.
Federal prosecutors accused Matthew Teeple, 41, of San Clemente, with passing along illicit information he allegedly received from David Riley, a former chief information officer at Foundry Networks Inc. Riley, 47, lives in San Jose.
Teeple, an analyst for a firm that provided information to a San Francisco-based hedge fund, allegedly passed along the illicit information in 2008. The alleged trading scheme in part involved Foundry's acquisition by Brocade Communications Systems Inc., another tech company.
Prosecutors said the arrangement netted $27 million in illegal profits and avoided losses. Teeple and Riley each face three counts of securities fraud and another of conspiracy.