“An ex-Samsung Electronics Co. manager, testifying at the insider-trader trial of Primary Global Research LLC executive James Fleishman, told jurors he disclosed confidential shipping data for Apple Inc. iPad components,” Patricia Hurtado reports for Bloomberg.
“Suk-Joo Hwang, who worked for 14 years at the U.S. division of Suwon, South Korea-based Samsung, told jurors yesterday in federal court in New York after he was granted immunity from prosecution by U.S. District Judge Jed Rakoff, who’s presiding over the case,” Hurtado reports. “Hwang said that during lunch at a restaurant in Mountain View, California, with Fleishman and a hedge fund manager he identified as “Greg,” he gave them confidential information about Samsung’s shipment of liquid crystal display screens it was supplying to Apple.”
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Hurtado reports, “The iPad made its U.S. debut in April 2010, four months after the lunch… Fleishman, of Santa Clara, California, is charged with two counts of conspiracy for facilitating a scheme in which employees at public companies passed confidential information to fund manager clients of Primary Global, also known as PGR, a Mountain View-based expert-networking firm. He has pleaded not guilty to the charges and faces as long as 25 years in prison if convicted.”
Much more in the full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
How much time will the hedge fund employee get for purchasing stolen goods and insider trading?
Rat bastard.
Crook ….. Fry him!
That’s not the half of it. I heard a top manager in Samsung Electronics division was leaking confidential iPhone and iPad information wholesale to their Mobile Phones and Tablet division.
Samsung’s phones and tablets are now going extinct with this kind of testimony it seals Apple’s copyright/patent cases with the nails included!
Samsung’s tablets and phones will now go extinct, as this puts the nails in the coffin for Apple’s Patent/Copyright cases against Samsung.
umm…jinks you owe b9bot a coke.
Bunch of f*cking crooks running hedge funds. That hedge fund bastard can supposedly get 25 years in the slam. I know he’ll get far less than that, if any. They really need to catch the rest of those hedge fund pricks for ruining individual investor’s chances by balancing everything in the hedge fund’s favor. Expert networks, my ass. They’re criminal networks.
This Samsung manager’s memory is quite vague.
Seiko-Epson produces a very high-tech small TFTs for projectors, OLED and e-ink displays. But they do not manufacture general TFT products, the more so IPS panels.
Also, Samsung itself does not have license for IPS technology, needed for iPad screens supply.
This former Samsung manager might be channelling commercial information for screens, supplied to Apple, but not for iPad. And if something was about iPad, then he leaked information about A4 chips production, not display volume (which would be pointless anyway since, contrary to SoC area, Apple always have more than one supplier of screens — hence you can not guess the production or sales level of iPads by only partial information).
The only two confirmed producers for iPad screens are LG Display and Chimei Innolux (owned by Hon-Hai, which is Foxconn), both of which have licenses from Hitachi Display, inventor of IPS technology.
Here is the link for Epson’s component businesses:
http://www.epson.jp/e/products/device/
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This just shows how much of a joke insider trading laws are. People’s lives ruined and money wasted prosecuting them when anyone who had internet access knew the iPad was coming.
If samsung was planning to build 1million or 100million screens that tells you nothing about whether the product would be a success, and thus no way to know which way to bet on apple stock.
The only way to know to go long on apple would be to know that Apple produces good products…eg public info.
LOL “Suk-Joo Hwang”… seriously!
I must say I admire the restraint y’all are showing, this sleazebag’s name is ripe for parody!!!
This guy is a good example of how polluted the current financial realm has become. $$$ stakes keep getting higher. The lure of fast $$$$ continues to blur people’s sense of right/wrong and dissolves any sense of integrity. Pretty pathetic.