A former AT&T worker is the latest corporate employee to confess involvement with insider trading, according to Reuters. Alnoor Ebrahim said he sold stock traders information that included AT&T sales numbers for Apple's
Ebrahim pleaded guilty today in U.S. District Court to one count of conspiracy to commit wire and securities fraud. "I provided insider information concerning AT&T's sales of Apple's iPhone and RIM's Blackberry products, as well as other handset set devices sold through AT&T distribution channels," he told a judge.
Ebrahim, a 57-year-old U.S. citizen born in Tanzania, claimed to be part of a ring of employees who illegally sold such information to stock traders via firms who specialized in insider trading. In a plea agreement, federal prosecutors agreed to sentencing Ebrahim to a maximum of two years in prison.
When CNET contacted AT&T for comment, spokesman Marty Richter said, "We took this matter very seriously and cooperated fully with the authorities. The conduct alleged is clearly against our code of business conduct, and Mr. Ebrahim is no longer an employee."