Apple Manager Stashed $150,000 in Shoeboxes

Authorities this week discovered that the Apple middle manager accused of accepting over $1 million in kickbacks had $150,000 stored in shoeboxes in his house.

Earlier this month, Paul Devine was arrested for accepting kickbacks from Asian accessories manufacturers working with Apple. Devine is said to have used his position at Apple to obtain inside information about upcoming product launches and then sold this information to accessory makers so they could make better contracts with Apple. Mr. Devine's payments were deposited into a number of different accounts, both in the U.S. and abroad.

Authorities this week searched Devine's home and found $150,000 in shoeboxes. Devine was also said to have $20,000 in foreign currency in his possession and prosecutors believe he could have numerous other stashes of cash that they don't know about. Prosecutors also acknowledged the existence of two safety deposit boxes thought to contain yet more proceeds of Devine's jiggery pokery.

Bloomberg cites Judge Howard Lloyd of San Jose, California, in reporting that Devine won’t be released until he posts a bond of $600,000 and signs over funds in his foreign accounts to his lawyers. The government is also said to be demanding to know what's inside the safety deposit boxes before Devine is released.

"We know about some accounts and some statements but not statements for all the accounts we believe are out there," Bloomberg cites Assistant U.S. Attorney Michelle Kane as telling the judge earlier this week. "We’d ask that we be allowed to see what’s in those safe deposit boxes."

Read the full story on Bloomberg.