Flextronics Exec Found Guilty of Insider Trading

An ex Flextronics International executive has been found guilty of leaking secret information about Apple’s iPad to a security analyst even before the device’s market debut.

According to a Financial Times report, the culprit, named Walter Shimoon, is a former director of business development for Flextronics.

Flextronics is a key electronic component supplier to Apple as well as many other big brands in the tech world. Mr. Shimoon, who was arrested in December, last year was found guilty of insider trading.

However, Shimoon is not the lone culprit in the case - a couple of other executives belonging to two different companies, and one Mr. James Fleishman, a former employee of Primary Global Research, also accompanied him on being on the receiving end of the sentence.

The San Diego, California man, who entered his plea before US District Judge Jed Rakoff, "also provided inside information to a consultant who operated a research firm and then provided the information to certain money managers," a Justice Department statement said, an AFP report reveals.

Shimoon, having been convicted of indulging in conspiracy to commit wire and security fraud, faces up to thirty years of imprisonment.