Former Atheros Communications Inc. (ATHR) Vice President Ali Hariri pleaded guilty on Wednesday to securities fraud in the high-profile Galleon insider trading case.
Ali Hariri is the 10th person to plead guilty out of 21 traders, lawyers and executives accused last year in a probe involving prominent Galleon founder Raj Rajaratnam.
Bloomberg: “I got confidential information” on “the numbers of [Atheros]” and gave them to “a friend,” Hariri told U.S. Magistrate Judge James Francis today. He said he knew what he was doing was illegal. His lawyer, Cris Arguedas, said there is no cooperation with the plea agreement and that the agreement stipulates a sentencing guideline of 24 to 30 months.
Two of the principal defendants in the Galleon insider trading case, Raj Rajaratnam and former New Castle Funds LLC employee Danielle Chiesi, whom according to prosecutors were allegedly at the center of a massive insider-trading ring that generated nearly $50 millions in improper trades, have pleaded not guilty to criminal charges. They are scheduled to go to trial Oct. 25.