NEW YORK – Lawyers for a former IBM executive from Connecticut say he had an intimate relationship with a hedge fund company employee before feeding her confidential information that resulted in his insider trading arrest.
Robert Moffat's (MAH'-fat) lawyers asked a Manhattan judge Tuesday to sentence him to probation next month.
The Ridgefield, Conn., man pleaded guilty in March to conspiracy to commit securities fraud and securities fraud. Prosecutors say a sentence of six months in prison or less would be sufficient punishment.
Moffat was once considered a candidate for chief executive officer at IBM. He was arrested along with 21 others in a case that prosecutors say led to more than $50 million in profits.
Moffat's lawyers say he was not paid for providing information, most of which was already public.
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