Accused Insider-Trading Tipster Wins Bail

Dec 21 2010 | 10:01am ET

The last of the four men arrested last week in the Justice Department’s massive insider-trading investigation has been freed on bail.

Walter Shimoon, formerly of Flextronics International, was released of $150,000 bond, putting up $125,000 of the equity in his home. Mark Longoria and Manosha Karunatilaka, like Shimoon former consultants for expert-network firm Primary Global Research, and Primary Global account executive James Fleischman had already been released on bail after their arrests on Thursday.

Shimoon is accused of passing confidential information about Apple Inc. products, including the iPad and iPhone 4, to Primary Global clients. He has been fired by Flextronics.

Shimoon spent the weekend in prison after a federal judge in San Diego on Saturday declined to release him before yesterday’s hearing. If convicted, he faces up to 20 years in prison.


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