Inventec execs fail to disclose iPod order cuts, could face prison

Published: August 18, 2007, 4:36 pm

Tags: crime, criminal, insider trading, insidertrading, inventec, inventec appliance, inventec appliances, inventecappliance, inventecappliances, ipod, prison, scandal, stock, stock market, stockmarket, stocks, taiwan

Filed under: Portable Audio, Portable Video Earlier this year, Inventec was raided as prosecutors began looking for evidence to support charges of alleged insider trading, and now it looks like nine of the firm's employees could be headed to the slammer. Taiwan's Banciao District Prosecutors Office "alleged that nine executives and one lower level employee failed to publicly reveal a steep drop in iPod orders until after they had sold off nearly $22.4 million worth of stock," and although the employees knew of the order cuts as early as January 19th, nothing was publicly revealed until mid-March. Purportedly, prosecutors "are seeking the stiffest penalties against the two top executives," and if the evidence sticks, we have all ideas that Inventec will be huntin' a new Chairman (and President, too) in the not-too-distant future.[Via TUAW] Read Permalink Email this CommentsOffice Depot Featured Gadget: Xbox 360 Platinum System Packs the power to bring games to life!

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