New York (HedgeCo.net) – One of the five research executives arrested by the FBI last week, Walter Shimoon, from Flextronics International, is alleged to have profited illegally from Apple Inc. technology he was privy to, according to a criminal complaint.
Shimoon is alleged to have been paidover $22,000 to share non-public information about the iPad, among other products, with a hedge fund research company, Bloomberg reports.
The Washington Post reports that the other men accused of selling confidential information to hedge funds are James Fleishman, from Primary Global Research, Mark A. Longoria, from Advanced Micro Devices, and Manosha Karunatilaka from Taiwan Semiconductor Manufacturing.
A fifth man, Daniel Devore, formerly an executive with Dell, pleaded guilty to wire fraud and conspiracy to commit wire fraud and securities fraud.
“A corrupt network of insiders at some of the world’s leading technology companies served as so-called consultants who sold out their employers by stealing and then peddling their valuable inside information,” U.S. attorney Preet Bharara said in a statement, according to The Washington Post.
Alex Akesson
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