As a member of the rumor mill and blogosphere, leaked product information is my bread and butter here at EiC — but for tech companies, that information is priceless, and leaks can cause major losses. Now a former exec of a supply company inside Apple’s chain has pleaded guilty to sharing privy information to outside sources. Walter Shimoon, formerly of Flextronics plead guilty to telling Apple’s plans to Broadband Research and some ten other hedge funds.
Shimoon earned at least $45,000 by leaking information about the iPad and iPhone 4 before they were widely known, earning the cash for himself and allowing the hedge funders to perform some shifty insider trading.
This is part of a widespread crackdown on information leakers and insider trading.
Shimoon pleaded guilty to two counts of conspiracy to commit wire fraud and one count of security fraud, but won’t be sentenced until July 2013.
[via NYT, Electronista]
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