Analyst arrested charged with insider trading for leaking iPhone numbers
Insider trading is never good,never turns out good
Analyst arrested for leaking iPhone sales numbers, charged with insider trading
Analyst John Kinnucan is charged with two counts of securities fraud, two counts of conspiracy, and insider trading for leaking sales numbers from Apple, reported Reuters. The lawsuits against the analyst were filed in a U.S. District Court in Manhattan, and he was arrested on Thursday.Kinnucan received tips from Apple’s suppliers SanDisk and Flextronics so he could leak sales numbers and forecasts to hedge funds. One SanDisk executive, Don Barnetson, is also in court on counts for insider trading. Kinnucan leaked the secret information about the iPhone’s sales between 2008 and 2010, and he would get the information by bribing suppliers. He is rumored to have earned $1.58 million for leaking Apple’s trade secrets.
