A technology executive charged with leaking sensitive information about Apple products to hedge fund traders pleaded guilty on Tuesday in Manhattan, the latest guilty plea in the government’s crackdown on insider trading facilitated by so-called expert networks...
Walter Shimoon, a former employee at electronic manufacturer Flextronics, is the 12th person to plead guilty in the government’s investigation of expert network firms...
In addition to sales figures, prosecutors said Mr. Shimoon also tipped a cooperating witness to Apple’s plans to develop a new iPhone. But later in the call, according to a transcript from prosecutors, Mr. Shimoon leaked word of an even more secret product in development, the iPad, which at the time was referred to as K48.“So, you can get, at Apple you can get fired for saying K48…outside of a, you know, outside of a meeting that doesn’t have K48 people in it,” he told a cooperating witness, according to taped calls. “That’s how crazy they are about it.” (more)
