New York (HedgeCo.net) – Former Samsung manager Suk-Joo Hwang has admitted to leaking early information on the iPad to representatives from an “expert network” firm and a hedge fund, according to Apple Insider.
In exchange for immunity, Hwang testified in federal court that he had spoken to Primary Global Research executive James Fleishman and a hedge fund manager over lunch about the product launch.
“One particular thing I remember vividly was that I talked about the shipment numbers of Apple, it was about iPad,” Hwang said. “This is in December 2009, before it came out with the tablet PC, they didn’t know the name then, so I talked to them about the tablet shipment estimates in that meeting.”
Fleishman faces 25 years in prison if convicted. He was arrested last December as part of a wide-ranging Securities Exchange Commission probe investigating the practice of expert networks, which charge a fee to connect investors with employees of companies. Hwang made $38,000 for his work as a consultant.
Editing by Alex Akesson
For HedgeCo.net
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