By Gina Gomez
Oct. 17, (THAINDIAN NEWS) News on the IBM front has been intensifying considerably as reports flood the net, regarding the arrest of one of its senior executive. According to what has been put forth in the reports, it appears that one of the executives of the leading IT giant has been indicted with the charges of being involved in insider trading.

53 year old Robert Moffat was involved in the matters of over seeing the company’s operation in the East Fishkill and Poughkeepsie regions has been named as one of the people to be involved in the insider trading racket that has come to the fore front recently. He has been arrested on Friday.

Moffat is a resident of Ridgefield, Conn. and has been a long standing senior executive at the systems and Technology Group of IBM. He had been serving in the company as a senior vice president and group executive for long. Which is what makes the issue all the more sensational.

According to the federal prosecutors, Moffat’s name is also among few others in the racket who had secured as much as $20 million that had amounted from insider profits. There are five others besides him who have been arrested by the authorities, the names of who have shocked media and public together. Galleon Group founder Raj Rajaratnam [who is one of the wealthiest man in the country], Danielle Chiesi, Anil Kumar, Rajiv Goel and Mark Kurland are the other besides Moffat, who have been arrested.

The respective companies that these people are involved with have cited that they were completely unaware of their employee’s misdealing. As the names related to the case are high profile, the issue is receiving a wide media coverage.