Tech exec pleads guilty to insider trading

Jul 06, 2011
The Apple iPad. A technology company executive pleaded guilty to providing confidential information on Apple and other companies, as part of a massive insider-trading probe.

A technology company executive pleaded guilty to providing confidential information on Apple and other companies, as part of a massive insider-trading probe.

Walter Shimoon, 39, pleaded guilty in Manhattan federal court to conspiracy and securities fraud charges arising from schemes in which he gave to workers and clients of an expert networking firm.

The San Diego, California man, who entered his plea before US Jed Rakoff, "also provided inside information to a consultant who operated a research firm and then provided the information to certain ," a Justice Department statement said.

He was arrested in December and accused of leaking secrets about Apple's iPad before it was formally launched, as well as providing fresh information about the 4, another Apple product.

As business development chief at Flextronics International, Shimoon secured confidential information about the firm, suppliers like OmniVision Technologies Inc. and Apple.

Shimoon then shared the secrets with employees and clients of the firm and to Primary Global Research, a consulting firm that paid him about $27,500 for his work.

According to the original charge sheet, Shimoon provided confidential information in October 2009 on two companies, including "sales forecasts information and new product features for Apple's forthcoming iPhone cellular phone."

Shimoon faces up to 30 years behind bars after pleading guilty to two counts of conspiracy to commit securities fraud and wire fraud, and one count of securities fraud.

His sentencing was set for July 8, 2013.

Explore further: Line says no IPO this year

add to favorites email to friend print save as pdf

Related Stories

Insider trading case focuses on Apple's secrets

Dec 16, 2010

(AP) -- Federal prosecutors in Manhattan broadened their insider trading crackdown Thursday, arresting four people on charges alleging that so-called "expert consultants" revealed secrets about Apple Inc.'s iPhone and other ...

Accused spam scammer pleads guilty in Detroit

Jun 23, 2009

(AP) -- A Michigan man described as one of the world's most prolific senders of spam e-mail has pleaded guilty to charges accusing him of defrauding people by manipulating Chinese stock prices.

Guilty plea in Seattle 'botnet' case

May 05, 2006

A California man pleaded guilty Thursday to charges stemming from a "botnet" attack last year that damaged U.S. Department of Defense computers.

Fla. man accepts plea in record data theft case

Aug 28, 2009

(AP) -- An accused computer hacker charged in what prosecutors call the largest identity fraud case in U.S. history has agreed to plead guilty to conspiracy, wire fraud and aggravated identity theft charges.

Recommended for you

Line says no IPO this year

2 hours ago

The Japan-based operator of popular mobile messaging app Line said Monday it has decided not to go ahead with an initial public offering in Japan or overseas this year.

Alibaba makes Wall Street debut

Sep 19, 2014

Alibaba made its long-awaited Wall Street debut Friday on the heels of a record stock offering that opens the door to global expansion for the Chinese online retail giant.

Alibaba IPO to boost employee fortunes to $8 bn

Sep 19, 2014

Employees of Chinese e-commerce giant Alibaba will see their fortunes swell to nearly $8 billion as the company prepares a massive US stock offering that could be valued at $25 billion.

User comments : 0