Photo: Due Diligence
Convicted inside trader Ali Hariri spoke for the first time about his part in the Galleon scandal today.Hariri leaked information on Atheros’s reduced earnings outlook for Q4 back in 2008, from which hedge fund Spherix then profited.
Speaking for the first time since the former Atheros Communications VP was implicated in the scheme 18-months ago, Hariri told Bloomberg that he felt manipulated by Ali Far, a co- founder of Spherix, also plead guilty to insider trading charges.
He then said:
“I had a big mouth and it was absolutely wrong. I pleaded guilty because I was guilty.
“When you’re in Silicon Valley and when you’re a techie working on a product, the furthest thing from your mind is insider trading. You say something. You don’t think about it. A year later the FBI knocks on your door.”
Hariri said he only met the main Galleon man – Raj Rajaratnam – briefly three times at Silicon Valley events.
“On a grand scale, I was a spoke on the wheel,” Hariri told Bloomberg. “Somebody told me, ‘you’re not even the ant on the elephant’s arse,’ but when the elephant gets fumigated, the ant dies too.”
The 39-year-old has to report to federal prison by January 31.
He’s counting down the days; he’s already got his reading list planned. It includes: “Mandela’s Way: Fifteen Lessons on Life, Love, and Courage” and “Borrowing Brilliance: The Six Steps to Business Innovation by Building on the Ideas of Others.”
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