“A former AT&T employee admitted on Monday to sharing company secrets such as sales numbers for Apple Inc’s iPhone to traders who illegally bought shares on the information,” Basil Katz reports for Reuters.
“Alnoor Ebrahim, 57, a U.S. citizen born in Tanzania, is the latest person to plead guilty in the U.S. government’s crackdown on insider trading, which claimed its biggest target to date on Friday – former Goldman Sachs Group Inc board member Rajat Gupta,” Katz reports. “‘I provided insider information concerning AT&T’s sales of Apple’s iPhone and RIM’s (Research In Motion Ltd Blackberry products, as well as other handset set devices sold through AT&T distribution channels,’ Ebrahim told U.S. District Judge Paul Oetken in Manhattan.”
Katz reports, “Ebrahim pleaded guilty to one count of conspiracy to commit wire and securities fraud. Manhattan federal prosecutors, in a plea agreement with the defense, recommended that Ebrahim be sentenced to a maximum of two years in prison.”
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