Posted 03:31 PM ET

http://www.investors.com/NewsAndAnalysis/Newsfeed/Article/117679440/201008161531/Apple-Inc-Supply-Manager-Indicted-on-Fraud-Money-Laundering-and-Kickbacks-23-Total-Counts-AAPL-.aspx

* Top-Rated Company Aug 16, 2010 (SmarTrend News Watch via COMTEX) -- Apple Inc. (AAPL) supply manager Paul Shin Devine has been indicted by a grand jury for involvement in 23 counts including fraud, money laundering and kickbacks, BetaNews reports.

Devine reportedly used his managerial clearances to get and share information with suppliers; the information was then reportedly used in contract negotiations and kickbacks that Devine pocketed.

The payments were broken up and delivered to several US and Asian banks, and some were placed under Devine's wife's name; though it is unclear if his wife knew of the crime and she has not been charged as of yet.

"Apple is committed to the highest ethical standards in the way we do business," commented Apple spokesman Steve Dowling in a statement. "We have zero tolerance for dishonest behavior inside or outside the company."

SmarTrend currently has Apple in a Downtrend.

Since 2008, SmarTrend subscribers trading Apple using our alerts outperformed the stock by 33%.

We are monitoring these developments and will alert subscribers to any change in trend.

Apple is currently below its 50-day moving average (MA) of $257.84 and should find support at its 200-day MA of $229.03.

In the last five trading sessions, the 50-day MA has fallen 0.2% while the 200-day MA has risen 0.57%.

Shares of the company are trading down 0.96% on the news, at $246.71.