Thursday was a big day in insider trading busts, as four new arrests were made by the Securities and Exchange Commission cracking down on insider trading.
One of those arrests, though, is particularly interesting to Apple enthusiasts: Walter Shimoon, an executive for Flextronics (an Apple supplier), was one of those busted on Thursday, and as it turns out, one of his violations was to pass on information about both an iPhone update and the iPad before they were official.
One interesting tidbit about Shimoon’s arrest comes from a call intercepted by authorities in 2009, which describes — in detail — the hyper-secretive atmosphere within Cupertino as they developed the iPad, codenamed “K48” at the time.
“At Apple you can get fired for saying K48 … outside of a, you know, outside of a meeting that doesn’t have K48 people in it. That’s how crazy they are about it,” Shimoon said.
In short, if you work at Apple, if it’s not an official product name, don’t even mention it. It could be your career.
Read more at Reuters
