FBI case against Indian for stock market fraud

WASHINGTON, DEC. 29. The Federal Bureau of Investigation has filed a civil and criminal insider trading action against a California- based Indian engineer Manu Shrivastava for illegally trading in the stock markets. He is alleged to have earned an income of around $ 500 by acquiring 100 option contracts using a confidential information about his company's agreement with Microsoft to design and manufacture computer graphics and multimedia subsystems for the latter's video game console.

Nvidia, the company in which Shrivastava was working as an engineer, entered into an agreement with Microsoft to design and manufacture computer graphics and multimedia subsystems for the latter's new video game console. The Silicon India business magazine said Nvidia's CEO had emailed to all its employees informing them about the deal. The vice-president (marketing) of the company sent out another email reminding the employees that the information was confidential.

- UNI

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Section  : International
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