“A former senior director at Flextronics International pleaded guilty on Tuesday, telling a U.S. judge he was paid $200 an hour by an expert network firm to spill inside information to hedge funds,” Basil Katz reports for Reuters.
“Walter Shimoon, 39, was the latest out of more than a dozen accused in a broad insider trading probe to plead guilty in Manhattan federal court to working illegally while consulting for Primary Global Research,” Katz reports. “At the plea hearing on Tuesday, Shimoon told U.S. District Judge Jed Rakoff that he was paid $200 an hour by PGR to give secrets about Flextronics or its customers to hedge funds and investors, often over the phone.”
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Katz reports, “Shimoon, arrested in December, was accused of leaking secrets about Apple Inc. iPad ahead of its launch and giving up new details about the company’s iPhone 4. Following an agreement with prosecutors, Shimoon pleaded guilty to two counts of conspiracy to commit securities fraud and wire fraud and one count of securities fraud. He faces up to 30 years in prison at his July 8, 2013 sentencing.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]