Ex-AMD exec settles claims
From Times Wire Services
California entrepreneur Saiyed Atiq Raza will pay $3 million to settle claims that he used inside information to buy shares of Align Technology Inc., the maker of Invisalign dental braces, while a director at a rival firm, federal regulators said Tuesday.
Raza, a former president at Advanced Micro Devices Inc., was a board member at OrthoClear Inc. in 2006 when he learned it had settled a patent dispute in Align’s favor, the Securities and Exchange Commission said. He bought Align’s stock and options before the agreement became public, making $1.5 million in profit, the SEC said.
