U.S. “Federal authorities said Thursday that they arrested four people on insider-trading charges, including three former employees of technology companies Advanced Micro Devices, Flextronics International and Taiwan Semiconductor Manufacturing Company,” Alistair Barr reports for MarketWatch. “Another person — Daniel Devore, formerly a global supply manager for Dell Inc. — pled guilty on Dec. 10 to wire fraud and conspiracy to commit wire fraud and securities fraud, the authorities said.”
Barr reports, “Among the allegations, authorities claimed Thursday that the former Flextronics employee leaked highly confidential information about Apple Inc.’s iPhone before it was unveiled.”
Full article here.
Benjamin Pimentel reports for MarketWatch, “One of four people arrested Thursday in connection with an insider-trading crackdown had leaked information related to Apple Inc. products, including the iPad, according to a Justice Department complaint.”
“Walter Shimoon was a senior director of business development of contract manufacturer Flextronics International when he allegedly divulged information to an expert-networking firm on Apple, including the code name for the tablet product that became the iPad, the complaint said,” Pimentel reports. “‘It’s a new category altogether,’ Shimoon was recorded as saying, according to the complaint. ‘I believe it’s called K48. … At Apple, you can get fired for saying K48… outside of a meeting that doesn’t have K48 people in it. That’s how crazy they are about it.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “JES42” for the heads up.]