A former Intel executive pleaded guilty on Monday to providing insider information to Galleon Group's founder, Raj Rajaratnam.
The case revolves around Rajaratnam, who founded the Galleon Group, a New York-based hedge fund that managed $7 billion in funds. In total, 22 people have been charged with criminal or civil charges by the U.S. Securities and Exchange Commission. Ten, including the Intel executive, have pleaded guilty to date.
Rajiv Goel, a former Intel treasury department executive, has admitted to providing Rajaratnam, in 2007, details about Intel's earnings before the information was publicly available. He also told Rajaratnam about a future Sprint Nextel joint venture that Intel had targeted for a $1 billion investment.
Goel pleaded guilty to two counts of conspiracy and securities fraud, according to a report in The New York Times. If convicted, he would face a maximum penalty of 25 years in prison.
"I cannot express how sorry I am for my conduct," Goel said in Federal District Court in Manhattan on Monday, according to the Times. "I intend to do the right thing," he said.
Prior to the plea, Goel had been placed on administrative leave. He eventually quit his job at Intel.