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Components | May 12, 2011

Former TSMC manager pled guilty on insider trading charges

Manosha Karunatilaka pled guilty in Manhattan federal court to conspiring to participate in an insider trading scheme, a statement from the office of US Attorney for the Southern District of New York, Preet Bharara.
Mr Karunatilaka participated in the insider trading conspiracy while working as an account manager for Taiwan Semiconductor Manufacturing Company, Ltd. ("TSMC"). He pled guilty before U.S. District Judge Jed S. Rakoff.

Manhattan U.S. Attorney Preet Bharara stated: "Manosha Karunatilaka thought he could moonlight for an expert networking firm and sell out his employer in the process. With today's guilty plea, it should now be abundantly clear that his short- term financial gain was hardly worth it."

Between 2008 and 2010, Mr Karunatilaka and his co­ conspirators participated in a conspiracy to obtain Inside Information, including TSMC product sales and shipping information, that was material to both TSMC and TSMC's customers. They used an "expert networking" firm for the purpose of facilitating "consultation calls," during which Mr Karunatilaka provided the Inside Information to Firm clients. Between January 2008 and June 2010, the Firm paid Mr Karunatilaka more than USD 35'000 for his consultation calls.

In his plea agreement, Mr Karunatilaka admitted that based on his participation in the conspiracy, the Inside Information that he provided to others resulted in trading gains of more than USD 1 million.

Mr Karunatilaka pled guilty to one count of conspiracy to commit securities fraud and wire fraud. He faces a maximum sentence of 5 years in prison, and a maximum fine of USD 250,000, or twice the gross gain or loss from the offense on the conspiracy count. In addition, Mr Karunatilaka agreed to forfeit the proceeds he obtained as a result of the offense.

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