Way back in April of 2013 Detwiler Fenton released a report on the BlackBerry Z10 sales. This report stated that the BlackBerry Z10 was being returned at unusually high rates. This report forced Blackberry’s Stock down by 7% in just one day. Now according to a new report coming from Reuters the former chief operating officer of Connecticut company Wireless Zone, James Dunham has received five months in prison, five months of home confinement. On top of that Mr. Dunham is also required to pay $76,000 .
A former wireless retail executive was sentenced to five months in prison Tuesday for selling confidential industry information to an analyst whose subsequent 2013 report on sales of BlackBerry Ltd (BB.TO)’sest smartphone sent the company’s stock price downward. James Dunham, 60, was also ordered by U.S. District Judge Douglas Woodlock in Boston to serve five months of home confinement after his prison term and to pay $76,000 in light of his June guilty plea to a wire fraud charge.
The sentence was confirmed by the office of U.S. Attorney Carmen Ortiz in Boston and came in the first case spilling out of its investigations into the black market for secret corporate information that exists outside of insider trading.Dunham, a resident of Glastonbury, Connecticut, was the former chief operating officer of Wireless Zone, which operates more than 400 franchise Verizon Wireless outlets. According to prosecutors and court papers, Dunham entered a secret consulting relationship with an analyst at Boston-based financial firm Detwiler Fenton in 2010 to provide wireless industry information in exchange for $2,000 per month.
Its good to see justice has been served, but do you think five months in prison, five months of home confinement and a $76,000 fine is enough? Let us know what you think in the comments.
