iPod manufacturer gets questioned on insider trading

You'd think that by now, all these high-falutin' execs would have figured out that illegally manipulating one's stock price probably isn't the best approach to garner public attention, but now we've got yet another company under scrutiny for insider trading allegations. Inventec, who plays a major role in the manufacturing of Apple's iPod, was raided yesterday as Banciao prosecutors began "looking for evidence to support charges of alleged insider trading." Apparently, officials have "reliable information that upper management manipulated the company's stock price," and after the initial sweep was completed, a whopping 22 individuals were captured for questioning. Of course, spokespersons for the firm are adamant that the probe won't effect operations, but considering that a faithful janitor could be running the supply chain in the interim, you never know what mayhem could ensue.

[Via Inquirer]

[steve @ Apr 13th 2007 3:09PM]

it's affect, not effect

[Carlos Montoya @ Apr 13th 2007 3:19PM]

This kind of thing is done all the time. They just catch a few every now and then.

[anonymouspimp @ Apr 13th 2007 3:22PM]

Yeah right... what's next... back dated stock options?

[Anton Sherwood @ Apr 13th 2007 6:21PM]

An interesting thing about "insider trading" is that the SEC refuses to define it, so you can't prove you didn't do it.

[Dell-Boy @ Apr 13th 2007 7:18PM]

I am really traumatised by the never ending wave of Apple/iPod/iTunes/Macbook news generated by Engadget, shit attracts files but this is one kahuna wave of bad news for them...

Greenpeace shame them for being un-ecological, batteries expired on them, Europe hates them, Steve Job celebrity stock got a recent downgrade, now the corruption goes right down to the Apple core, their manufacturing partners, previously shown to exploit their Chinese workers, many of which are peasants who from came from rural part of China...

[smudley @ Apr 13th 2007 9:05PM]

they should be treated no differently than those twits at enron..

[brutha-man @ Apr 14th 2007 10:13AM]

I knew it! iPods blow up anyway.

[wvanduser @ Apr 14th 2007 1:23PM]

What was the name of the company in Office Space? Anyways, this building looks like it to me.