Ex-Akamai exec barred for 5 years in SEC caseSeptember 20, 2013 @ 11:00 am
WASHINGTON (AP) - A former Akamai Technologies executive has agreed to settle U.S. insider-trading charges by accepting a deal that bars him from serving as an officer of any public company for five years.
Kieran Taylor also will pay $145,460 as part of the agreement with the Securities and Exchange Commission.
The SEC said Taylor passed confidential information about Akamai's finances to hedge fund manager Danielle Chiesi in 2008. Chiesi then passed the information to hedge fund leader Raj Rajaratnam, who made millions off the illegal information, the agency said.
The agency said Taylor avoided losses of $20,635 by selling his Akamai shares.
Rajaratnam is serving an 11-year prison sentence and Chiesi 2 1/2 years in what has been called the biggest insider-trading prosecution in U.S. history.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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