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Ex-Foundry Networks Executive Denies Insider Charges

Former Foundry Networks Inc. executive David Riley and an ex-analyst pleaded not guilty to taking part in what prosecutors claim was a $27 million insider-trading scheme.

Riley, the former chief information officer for Foundry Networks, and Matthew Teeple, an analyst for a San Francisco-based hedge fund not identified by prosecutors, entered the pleas today to charges of conspiracy and securities fraud in federal court in Manhattan.

Prosecutors say Riley tipped Teeple about Brocade Communications Systems Inc.’s acquisition of Foundry Networks in July 2008, days before the move was announced publicly.

A third man, John V. Johnson, pleaded guilty to charges in the case March 18. He’s scheduled to be sentenced in September. All three men are free on bond.

Eric Bruce, a lawyer for Teeple, today asked U.S. District Judge Robert Patterson to modify his client’s bail conditions so he can take family trips to Hawaii in June and Oregon in August. Patterson approved the Hawaii trip and reserved decision on the August vacation, telling the parties they may be on trial then.

“I’m old and I expect trials to be faster than they currently are,” said Patterson, who turns 90 on July 11.

The case is U.S. v. Riley, 13-cr-00339, U.S. District Court, Southern District of New York (Manhattan).

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