Former AT&T Employee Pleads Guilty To Insider Trading
A former employee of AT&T has confessed to participating in a network of experts who obtained corporate secrets and passed them along to investors.
According to a report this afternoon from Reuters, Alnoor Ebrahim plead guilty to a single count of conspiracy to commit wire and securities fraud. In exchange for his guilty plea, prosecutors requested that he be sentenced to not more than two years in prison.
According to his statement, Ebrahim, who is a Tanzanian-born American citizen, admitted to passing along information concerning AT&T’s iPhone and BlackBerry sales figures to hedge fund managers. He was identified by another member of the network, James Fleishman, who was a sales manager in Silicon Valley.
Ebrahim has been fired from AT&T.