Cheeky tipster makes $45,500 selling secrets, faces 30 years in prison

Cheeky tipster makes ,500 selling secrets, faces 30 years in prisonA 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.”

Oh dear.

via: Bloomberg

Read more about: Apple iPadApple iPhone 4

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Reser  Jul. 12, 2011 at 20:22

If this guy faces 30 years in jail for something like this is to just shows how bad the legal system is, hell some murderers get away with shorter sentances then that, why on earth is the sentance so long for something that seems so meager.


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