MANHATTAN (CN) – A San Diego man faces up to 30 years in federal prison after pleading guilty to three securities fraud charges. Walter Shimoon, 39, former director of business development at Flextronics International, pleaded guilty Tuesday.
Shimoon pleaded guilty to two counts of conspiracy and one count of securities fraud. He provided inside information about Flextronics and its customers, including Apple, and suppliers, including OmniVision Technologies, to an expert networking firm, Primary Global Research, and to others, including a hedge fund, prosecutors said.
The hedge fund made $750,000 by trading on the inside information about OmniVision, the U.S. Attorney’s Office said. Shimoon must cooperate with the government, according to his plea agreement. He will be sentenced on July 8.