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US SEC charges ex-Marvell worker in Galleon insider-trade scheme

Thursday, 21 Nov 2013 | 2:20 PM ET

WASHINGTON, Nov 21 (Reuters) - A former Marvell Technology Group Ltd employee will pay $60,000 to settle civil charges that he offered non-public tips to a hedge fund manager with ties to Galleon Group, U.S. regulators said Thursday.

Sam Miri, who worked at Marvell's communications division, will also be barred from serving as an officer or director of a public company, the Securities and Exchange Commission said.

The SEC alleges that Miri gave former Galleon portfolio manager Ali Far information about Marvell's financial performance and that Far, who was also charged in the Galleon matter, then traded with it on behalf of Spherix Capital, a hedge fund he founded.

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