Artis ex-analyst on insider trading charge A former analyst with Artis Capital, a San Francisco hedge fund, has been charged with insider trading after allegedly receiving confidential information about Foundry Networks from a former executive at the technology company. Matthew Teeple, the former analyst, and David Riley, a former chief information officer with Foundry, were arrested on Tuesday in California and face charges of conspiracy and securities fraud for an alleged $27m trading scheme. Prosecutors said a third portfolio manager, John Johnson, pleaded guilty earlier this month to his role in the alleged scheme. A lawyer for Mr Johnson, who is the chief investment officer for Wyoming Retirement Systems, declined to comment. Thomas Williams, executive director of the state pension, said they learnt of the guilty plea on Tuesday and Mr Johnson was immediately suspended with pay pending a board meeting. A lawyer for Mr Teeple said he would vigorously defend the allegations. Mr Riley's lawyer could not be reached. Artis Capital, a $1.7bn investment fund founded in 2001 by Stuart Peterson, was not identified in court papers, but people familiar with the matter confirmed it was the firm identified as Investment Adviser A. Artis, an early investor in YouTube, has not been accused of any wrongdoing. Artis had no immediate comment. The US attorney's office in Manhattan, Federal Bureau of Investigation, and Securities and Exchange Commission, which filed civil fraud charges against the individuals, said their investigations were continuing. The charges come as authorities are racing to conclude investigations into trading in 2008, which is approaching the five-year statute of limitations for securities fraud, people familiar with the matter say. Mr Riley and Mr Teeple, a semiconductor analyst, met last decade when they worked for Riverstone Networks, according to a person familiar with the matter. By 2008, authorities allege, Mr Riley was feeding confidential information about Foundry to Mr Teeple. In the most profitable tip, according to prosecutors, Mr Riley called Mr Teeple before the stock market opened on July 16, 2008, and allegedly relayed information about Foundry's expected sale to Brocade. Less than two hours later Mr Teeple called an Artis analyst, who began buying share of Foundry while they were still on the phone, according to the complaint. Over the next several days Artis accumulated 3.2m Foundry shares. Mr Teeple also allegedly passed the information to Mr Johnson, who was unemployed at the time, and Karl Motey, a friend who was a technology consultant. Mr Motey has previously pleaded guilty and has co-operated with the government in prosecutions of former consultants at Primary Global Research, a California expert network firm. When the deal was announced, shares of Foundry rose 32 per cent. Artis is alleged to have made $13.6m and Mr Johnson made a $136,000 profit.