Four people were arrested today on charges of selling secrets and valuable information about the Apple iPhone and other technologically advanced companies. They provided confidential information to hedge funds and other various companies being investigated with the goal of giving an insider scoop on the financial reporting and projections.
The secrets did not revolve around cell phone accessories but rather more confidential material such as the features of the iPad and forecasts of Apple’s sales. The information was gathered and leaked through four employees of publically traded companies. For an estimated exchange of $400,000, the consultants provided top secret information.
The charges have included conspiracy to commit security fraud and wire fraud. The Federal Investigation has been an ongoing investigation to crack down on insider trading and fraud within the Tech Industry.
The potential for harm of insider trading could be potentially disastrous for a company in the Tech Industry. The highest competitive advantages tech companies have are unique and advanced features, phone accessories, and products. It is essential for information about these companies to be safeguarded, because any leak in a company’s future projects and forecasts can prove to be a major blow to any technologically advanced company.