A former Apple executive who made millions by selling classified company information, has been ordered to repay the money he made and serve a year’s worth of jail time.
Paul Shin Devine was Apple’s global supply manager from 2005 until 2010. According to court records, he began a kickback scheme in 2007 in which he agreed to pass on company information like product forecasts, pricing targets, and product specifications, to manufacturers in return for cash.
The companies receiving this information then used it to negotiate better deals with Apple. Worth noting: some of the payments Devine received were tied directly to the size of the deal the supplier / manufacturer managed to sign with Apple.
An investigation began after emails were found in which Devine agreed to hand over company information in return for payment. During the case building stage, it was discovered he had set up a shell company called CPK Engineering to launder the cash he was receiving from suppliers.
More than three years after pleading guilty to various charges, including wire fraud, money laundering, and conspiracy, Devine will serve 12 months plus one day in jail, and have to repay $4,464,664 of the money he made.
He will begin serving his sentence on Feb. 19, 2015.
Via Justice.gov
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