Former Apple manager admits to conspiracy, kickbacks
Former Apple management employee Paul Devine has pleaded guilty to wire fraud, money laundering and conspiracy charges. According to Bloomberg, Devine will also forfeit $2.28 million.
Devine admitted that he was involved in a conspiracy against Apple from 2005 to 2010 that provided corporate information to suppliers in Asia. He told the suppliers about product forecasts, pricing targets and product specifications and admits he hid his payments in U.S. and international banks.
Apple has also filed a civil suit against Devine, but that has been on hold pending the resolution of the criminal case.
He was charged with 15 counts of wire fraud, one count of wire fraud conspiracy, six counts of money laundering, and one count of engaging in transactions with criminally-derived proceeds, PC World reported.
Devine's lawyer, Raphael Goodman, told Reuters Monday, "Mr. Devine is a good man who made a mistake, and now he's trying to make amends."
Sentencing is set for June 6; he faces up to 20 years in prison.
Posted by: Hattrik | March 1, 2011 1:38 PM | Report abuse