Business Times

Sri Lankan worker arrested in US over insider trading charges

TAIPEI (Reuters) - Taiwan Semiconductor Manufacturing Co (TSMC) on Friday fired a US-based manager, a Sri Lankan man, who had been arrested on charges of leaking confidential information, with the world's biggest contract chipmaker saying he had violated company policies.

Manosha Karunatilaka, an account manager for TSMC in Burlington, Massachusetts, was one of four people arrested on charges of leaking secrets about technology companies to hedge funds, including details about Apple Inc's iPad ahead of its launch, in a widening U.S. probe into insider trading.
"We fired him yesterday because he violated several company policies," Elizabeth Sun, director of TSMC's corporate communications division, said on Friday. "TSMC has cooperated fully with the Department of Justice and will continue to do so," Ms Sun said.

He is the second Sri Lankan to face charges in the US on tough insider trading laws. In October 2009, authorities arrested billionaire Raj Rajaratnam, Galleon Group hedge fund co-founder, and dozens of others executives and traders, for running the biggest insider trading scheme involving a hedge fund.
He faces 13 fraud and conspiracy counts in the insider trading case and if convicted could go to prison for more than 20 years. Mr Rajaratnam has pleaded not guilty and is set to go on trial in February.

The case against Mr. Karunatilaka stems from a more than two-year investigation of hedge funds that intensified on November 22 when federal agents raided Loch Capital Management in Boston, Diamondback Capital Management in Stamford, Connecticut, and Level Global Investors in New York. All said they were not targets of the probe. Mr Karunatilaka had dealt with Level Global while he was consulting for the California firm, a source briefed on the investigation said.

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