Andre Yoskowitz
15 Sep 2011 15:39
Samsung's former manager Suk-Hoo Hwang, fired in 2011 for his part in insider trading, has testified today against James Fleishman, the former vice president at expert-network firm Primary Global.
The manager revealed some details about how he leaked information about iPad shipments to the hedge fund manager months before Apple even announced it.
Hwang was given immunity from trial for his testimony.
In December 2009, Hwang met with the fund manager and explained that Samsung was supplying screens for an upcoming Apple tablet, and a lot of them too. The fund manager had been "very excited" by the news, adds Hwang.
During the convo, Hwang notes that he saw a man sitting near them staring and listening and figured it could have potentially been an Apple employee.
Within a month, Samsung lost a contract with Apple for a different product and in June of this year, the FBI approached Hwang looking for info into the insider trading. The former manager was then fired by Samsung.