NEW YORK May 28 Former hedge fund analyst Matthew Teeple pleaded guilty on Wednesday to a criminal conspiracy charge in connection with the 2008 takeover of a technology company.
The former Artis Capital Management analyst told U.S. Magistrate Judge James Francis in Manhattan that he received tips from David Riley, a former chief information officer at Foundry Networks Inc, including one about the company's pending $3 billion takeover in 2008 by Brocade Communications Systems Inc.
Federal prosecutors announced criminal charges against Riley and Teeple in March 2013, saying that subsequent trades on the information led to more than $27 million of improper gains.
Teeple, 42, pleaded guilty to one count of conspiracy to commit securities fraud. "I deeply regret the role that I played in this illegal conduct," he told the judge.
Artis is based in San Francisco. (Reporting by Bernard Vaughan; Editing by David Gregorio)