Former Apple Exec Pleads Guilty to Wire Fraud

Tuesday Mar 1st 2011 by Staff

Paul Devine admits to receiving $2.4 million in exchange for company secrets.

PCMagazine: Former Apple employee Paul Devine has pleaded guilty to federal charges of wire fraud, conspiracy, and money laundering. Between 2005 and 2010, Devine says that he accepted $2.4 million in kickbacks from Apple suppliers after he provided them with confidential company information that helped them obtain more favorable contracts with Apple. Devine also admitted to moving the money around in various accounts in order to hide his activities.

Devine could be sentenced to as much as 20 years in prison and hundreds of thousands of dollars in fines. Apple has also filed a civil suit related to the charges.

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