Insider Trading Arrests

Hedge Fund Insider Trading Probe Yields Four Arrests

The hedge fund insider trading probe that erupted in the headlines over the last month has widened to include several technology-based companies. The most recent arrests include three technology executives and a salesman for an undisclosed firm described as an "expert network."

Three technology executives and a salesman for an "expert network" firm were arrested and charged with leaking confidential information about companies including Apple Inc and Advanced Micro Devices Inc in a widening probe of insider trading at hedge funds.

The defendants are accused of illegally passing on tips to at least two unnamed hedge funds.

In one instance, an employee of contract electronics manufacturer Flextronics International Ltd is accused of leaking inside information about the release of the iPad as well as an updated version of the iPhone.

The FBI has arrested the four men, a law enforcement source said. They were charged with wire fraud and conspiracy.

The technology company defendants were identified as Walter Shimoon, who worked at Flextronics; Mark Longoria, 44, employed by AMD as a supply chain manager; and Manosha Karunatilaka, 37, who worked for Taiwan Semiconductor Manufacturing Co Ltd.
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