HUDSON, MA -- A former Intel employee was charged yesterday with stealing trade secrets valued at  more than $1 billion.

Biswamohan Pani is accused of allegedly downloading Intel trade secrets while working simultaneously for Advanced Micro Devices. He has been charged with a total of five counts of theft of trade secrets.

According to the indictment, Pani had taken a job with AMD while still in the employ of Intel, then while on vacation from Intel, allegedly downloaded at least eight documents described by Intel as “confidential,” “secret” or “top secret.”

The information Pani allegedly downloaded was worth $1 billion in research and development costs, according to the federal government.

AMD was unaware of Pani's alleged actions, according to the indictment.

Pani had worked at Intel's Hudson, MA, site before taking the job with AMD in Santa Clara, CA.