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Former Apple Employee Pleads Guilty to Fraud

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    NEWSLETTERS

    A former Apple manager who was charged with wire fraud, has pleaded guilty, reports the Financial Times.

    Paul Devine entered a plea agreement in a San Jose federal court, accepting responsibility for one count each of wire fraud, conspiracy and money laundering.

    Devine was arrested in August, after Apple began an investigation, and found incriminating emails and formal agreements for him to be paid for inside information.

    Court documents stated Devine revealed confidential information, including product forecasts, pricing targets and product specs.

    The loss to Apple was more than $2.4 million, according to the agreement, and Devine agreed to hand over $2.25 million.

    He has been free on bail and is expected to be sentenced in June, and could face 20 years in prison for each count. He will likely get a reduced sentence.