Apple Manager Indicted

A federal grand jury has indicted Apple manager Paul Shin Devine on charges related to an alleged kickback scheme.
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CUPERTINO, Calif. (TheStreet) -- An Apple (AAPL) - Get Report manager has been indicted by a federal grand jury for allegedly accepting kickbacks from Apple suppliers, according to published media reports.

The manager, Paul Shin Devine, 37, was arrested Friday on charges of wire fraud, money laundering and kickbacks, the

Associated Press

reported.

Authorities accused Devine of accepting more than $1 million from Asian suppliers of iPhone and iPod accessories in exchange for confidential information about Apple, according to the

AP

. The suppliers allegedly used the information to win attractive contracts with Apple, the

AP

added.

"Apple is committed to the highest ethical standards in the way we do business," company spokesman Steve Dowling said in a statement, according to the

AP

. "We have zero tolerance for dishonest behavior inside or outside the company."

The federal indictment also names Andrew Ang of Singapore, one of the suppliers involved in the alleged kickbacks, the

AP

reported. Authorities have declined to comment on Ang's whereabouts, the

AP

added.

Devine is scheduled to appear in federal court Monday, the

AP

reported.

Shares of Apple lost $2.69 Friday to close at $249.10.

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This article was written by a staff member of TheStreet.