Firm Focus Of Insider Trading Probe

December 24, 2010

1marvell-technologyA Bermuda-based firm which manufactures microprocessors for smartphones is at the centre of a widening Wall Street insider trading investigation.

Bloomberg reports today [Dec. 24] that Marvell Technology Group Inc., which has registered offices on Victoria Street in Hamilton, is being probed by US prosecutors after a California business broker pleaded guilty to conspiracy and securities fraud charges in New York involving tips from the company he passed on to hedge fund clients.

Founded in 1995, Marvell is a leading US fabless semiconductor company, shipping more than one billion chips a year. Marvell’s expertise in microprocessor architecture and digital signal processing, drives multiple platforms including high volume storage solutions, mobile and wireless, networking, consumer and Green products.

According to a “Wall Street Journal” report on the unfolding case, Marvell Technology Group manager Menucher Menuchehry was questioned by Federal Bureau of Investigation agents in August although he has not been charged with any crimes.

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