A former Apple Inc. (NASDAQ:AAPL) executive officer has been sentenced to one year in jail after being found guilty of selling sensitive information. Paul Shim was accused of accruing up to $1 million in kickbacks from the sale of sensitive information to Apple’s Asian Suppliers.
The shared information reportedly allowed the suppliers to gain an advantage when negotiating deals with Apple Inc. (NASDAQ:AAPL). Business insider reports that some of the information sold in this case related to headsets and iPod parts. On being arrested the FBI reportedly discovered up to $150,000 in cash stashed in shoe boxes in his house, money thought to have come from the sale of the info.
Devine pleaded guilty to wire fraud and conspiracy charges in 2011 having been indicted in 2010. The former Apple Inc. (NASDAQ:AAPL) executive was later forced to forfeit $2.3 million in gains having also sold a 2005 Porsche Cayenne to get the necessary funds in order to repay the fraudulently acquired money. On a pre-sentencing memo, Devine said he was forced into selling the information by fear of economic insecurity.
Apple Seals Documents
The sentencing took long on the fact that the accused was reportedly assisting investigators in unravelling some of the Apple Inc. (NASDAQ:AAPL)’s Asian suppliers that he traded the info with. Devine was poised to face up to 20 years in prison but seems to have received a slap on the wrists having shared useful information. It is a common practice for criminals to get minimal sentencing on collaborating with prosecutors in uncovering other criminals.
The case was carried out in secrecy with documents reportedly sealed from the public upon Apple request, which has a history of asking courts to seal documents. Apple Inc. (NASDAQ:AAPL) has a reputation of always requiring its operations to be carried out in secrecy. Recently it was revealed how the Cupertino-based company persuaded one of its suppliers to sign a contract for a fine of up to $50 million on the leaking of any information to the public
