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Edition: U.S. Article Comments (0) Technology Netflix expands online service to L. America Nokia cuts smartphone prices Canon considering compact mirrorless camera Baidu picks Microsoft for English search Microsoft gets message late on China market Pincus joins Web's rock stars with Zynga IPO Anonymous hacker group hits Apple, publishes data Freeland: Winners and losers in the Apple economy Ledbetter: Hear the plea of the Kindle orphans Follow Reuters Facebook Twitter RSS YouTube Read Casey Anthony found not guilty of daughter's murder | 05 Jul 2011 Casey Anthony trial turned into media frenzy | 12:19am EDT Looking for answers, Casey Anthony's father bought gun 29 Jun 2011 Casey Anthony found not guilty of murder of daughter | 05 Jul 2011 Wayans brothers face trial for alleged joke theft 30 Jun 2011 Discussed 207 Minnesota government shutdown begins after talks fail 122 Obama: ending tax breaks required to cut deficit 102 White House snubs McConnell invitation to Obama Watched Casey Anthony found not guilty of murder Tue, Jul 5 2011 Casey Anthony found not guilty 2:53am EDT Obama on the debt limit 8:15am EDT Expert pleads guilty in insider probe Tweet Share this Email Print Related News Thirty months in prison for lawyer in Galleon case Thu, Jun 30 2011 Madoff judge: Feeder fund investors cannot recover Tue, Jun 28 2011 SEC recovers millions in hedge fund Ponzi case Tue, Jun 28 2011 Special Report: A little house of secrets on the Great Plains Tue, Jun 28 2011 UPDATE 3-Ex-Citigroup VP pleads not guilty in fraud case Mon, Jun 27 2011 Analysis & Opinion U.S. agencies could use better debt collectors Deals wrap: Zynga files for IPO Related Topics Technology » Media » iPad » By Basil Katz NEW YORK | Tue Jul 5, 2011 8:34pm EDT NEW YORK (Reuters) - A former senior director at Flextronics International pleaded guilty on Tuesday, telling a U.S. judge he was paid $200 an hour by an expert network firm to spill inside information to hedge funds. Walter Shimoon, 39, was the latest out of more than a dozen accused in a broad insider trading probe to plead guilty in Manhattan federal court to working illegally while consulting for Primary Global Research (PGR). At the plea hearing on Tuesday, Shimoon told U.S. District Judge Jed Rakoff that he was paid $200 an hour by PGR to give secrets about Flextronics or its customers to hedge funds and investors, often over the phone. "On these calls, I offered specific non-public information," Shimoon said. A U.S. representative for Singapore-based electronics equipment maker Flextronics, Renee Brotherton, declined to comment on the guilty plea. Shimoon, arrested in December, was accused of leaking secrets about Apple Inc iPad ahead of its launch and giving up new details about the company's iPhone 4. Following an agreement with prosecutors, Shimoon pleaded guilty to two counts of conspiracy to commit securities fraud and wire fraud and one count of securities fraud. He faces up to 30 years in prison at his July 8, 2013 sentencing. Shimoon on Tuesday also said he provided production schedules and sales forecasts for Flextronics provider Omnivision Technologies to PGR customers. "I knew they (the customers) used the information I provided in purchasing and selling securities," Shimoon said. One customer, identified in court papers as a hedge fund in White Plains, New York, was named in court by assistant U.S. Attorney Antonia Apps as Kingdom Ridge Capital. Shimoon's contact there, Apps said, was employee Nick Caputo. Caputo did not immediately return a call requesting comment. Court documents unsealed on Tuesday said the hedge fund made $560,000 in profits in October 2009 by trading on Flextronics secrets provided by Shimoon. Kingdom Ridge Capital, founded in 2008 by two former SAC Capital Advisors LP employees, had under $350 million invested in U.S. equities according to a recent regulatory filing. In the ongoing investigation, a number of former SAC traders and analysts have either been implicated or investigated but no charges have been filed against SAC Capital's founder, the billionaire trader Steven Cohen or any other SAC employees. Shimoon in court also admitted to being paid $27,500 by independent research firm Broadband Research. A lawyer for John Kinnucan, the firm's owner, declined to comment on the hearing, but said his client was innocent of any wrongdoing. "John Kinnucan did not do anything wrong," attorney Nathaniel Burney said. The case is USA v Shimoon et al, U.S. District Court for the Southern District of New York, No. 10-mj-2823. (Reporting by Basil Katz; Additional Reporting by Matthew Goldstein; Editing by Lisa Shumaker) Technology Media iPad Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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