A former Flextronics executive pleaded guilty yesterday to two counts of conspiracy and one count of securities fraud, and now faces up to 30 years in prison.
Between 2008 and 2010, Walter Shimoon illegally passed tips to Primary Global and Broadband Research, and yesterday said he was paid $45,500. That’s just under £30,000 in our money.
Some of the leaked information related to Apple, and is thought to have included then-confidential specs for the iPad and iPhone 4.
Interestingly, one of the men who received tips, Nicholas Caputo of Kingdom Ridge Capital, has not been charged. In an emailed statement, his company said it had “always complied with relevant laws, rules and regulations”.
As if facing 30 years in prison for a relatively paltry £30,000 wasn’t bad enough, another recipient of inside information said: “[My clients] were saying Walter Shimoon doesn’t know what he’s talking about. It’s a joke.”