“Paul Devine, the Apple Inc. manager accused of taking kickbacks in exchange for company secrets, should forfeit all proceeds from his fraud, prosecutors said in a court filing,” Joel Rosenblatt reports for Bloomberg.
“Devine, let out of jail with a $440,000 lien against his mother’s home to help secure bail, must forfeit cash “derived from proceeds” of his fraud and money laundering, the U.S. argued in court documents,” Rosenblatt reports. “Prosecutors are seeking forfeiture of about $950,000 seized from as many as six different accounts, and a Porsche Cayenne, according to the Nov. 10 filing.”
Rosenblatt reports, “Devine gave the suppliers of iPhone and iPod accessories confidential data that helped them win better contracts from Cupertino, California-based Apple in exchange for payments, according to the indictment. Each count of wire fraud, wire- fraud conspiracy, and money laundering carries a 20-year prison sentence, prosecutors said.”
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