Tech exec admits guilt in insider trading
Did you know that white collar criminals sometimes admit their guilt? It happened with a technology company executive recently.
According to AFP, Walter Shimoon, 39, pleaded guilty to providing confidential information on Apple and other companies.
Shimoon pleaded guilty in a Manhattan federal court to charges that he gave confidential information to employees and customers of a networking firm.
The California native entered his plea in front of US District Judge Jed Rakoff. A Justice Department statement said that he "also provided inside information to a consultant who operated a research firm and then provided the information to certain money managers".
He was arrested in December and hit with accusations of releasing secrets about Apple's iPad before it was officially launched. He was also accused of releasing data about the iPhone 4.
Shimoon turned around and shared the secrets with employees and clients of the firm and to Primary Global Research, a consulting group that gave him $27,500 for his actions.
His charge sheet says that he gave the confidential information to the interested groups in October 2009. He had information on two companies which included including "sales forecasts information and new product features for Apple's forthcoming iPhone cellular phone."
For conducting his spy work, he faces up to 30 years in prison. He pled guilty to two counts of conspiracy to commit securities fraud and wire fraud, and one count of securities fraud. That's hefty.
His sentencing is set for July 8, 2013.