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Walter Shimoon pleads guilty
Walter Shimoon, former senior director at EMS-provider Flextronics International, pleaded guilty to charges of trading insider information.
He told U.S. District Judge Jed Rakoff he was paid USD 200 an hour by Primary Global Research (PGR) for the information, writes Reuters. "On these calls, I offered specific non-public information," he said. Walter Shimoon also admitted to being paid USD 27,500 by independent research firm Broadband Research.
He was arrested in December 2010 on charges on providing confident information on the launch schedule for the iPad and other information regarding the iPhone4. Mr Shimoon faces up to 30 years in prison.
