Wednesday, July 06, 2011, 7/06/2011 12:59:00 PM

Lawyers, iPads and Money: Purloined Apple Trade Secrets Lead to Profits and Then Prison

By Todd


BusinessInsider has published an interesting piece on insider trading that took place following the inappropriate disclosure to traders on Wall Street of Apple sales and marketing information.






The piece details the troubled past and future for Walter Shimoon, a Primary Global consultant who pled guilty to charges of insider trading and who allegedly gave 4 people secret information about Apple's plans for the iPad and iPhone 4.






The piece explains how one of Shimoon's hedge fund clients, Kingdom Ridge Capital, a hedge fund founded by former SAC Capital employees Christopher Zepf (worked at SAC from 2002-2007 as a tech portfolio manager) and Brian Thonn (worked as an equity analyst) located in White Plains, New York, allegedly made $560,000 trading Shimoon's secrets in just one month, October 2009.






Shimoon is presumably going to prison. We'd imagine that the hedge fund guys are a little nervous about their futures, too.

0 Comments:

Post a Comment

Links to this post:

Create a Link

<< Home

back to top