A former Microsoft manager has been charged with insider trading, with federal authorities saying he and a friend cleared $393,000 on illicit stock trades.
Prosecutors say 32-year-old Brian Jorgenson, of the north Seattle suburb of Lynnwood, fed inside knowledge to a day trader, his 28-year-old friend Sean Stokke.
Authorities say the men made trades based on Jorgenson’s access to information about Microsoft’s 2012 investment in Barnes & Noble Inc. and Microsoft’s quarterly earnings.
The FBI says the men planned to use the proceeds to open their own biotech hedge fund business.
Jorgenson’s lawyer, Angelo Calfo, says his client made a terrible decision and is prepared to “take his medicine.” He says Jorgenson has been speaking with Microsoft Corp. about being allowed to speak to its employees about what he did.
Jorgenson and Stokke also face civil charges filed Thursday by the Securities and Exchange Commission.
(Copyright 2013 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)