MANHATTAN (CN) – A former AT&T executive pleaded guilty Monday to selling inside-trading tips for more than $180,000, federal prosecutors said.
Alnoor Ebrahim, formerly an associate director of channel marketing at AT&T, pleaded guilty to conspiring to commit securities fraud and wire fraud, the U.S. Attorney’s Office said in a statement.
Ebrahim, 57, of Alpharetta, Ga., admitted he provided inside information to “members of the investment community,” prosecutors said in the statement.
“Between 2008 and 2010, Ebrahim provided material nonpublic information concerning, among other things, product sales information for AT&T’s handset devices, including Apple, Inc.’s iPhone and Research in Motion Limited’s Blackberry products (the ‘Inside Information’), in breach of his duties of trust and loyalty to AT&T,” according to prosecutors’ statement. Ebrahim and his co-conspirators used an ‘expert networking’ firm (the ‘Firm’) for the purpose of facilitating ‘consultation calls,’ during which Ebrahim provided the inside information to firm clients. Many of the consultation calls in which Ebrahim provided the inside information were with employees of investment firms located in New York, New York. During this time period, the firm paid Ebrahim more than $180,000 for his consultation calls.”
Ebrahim faces up to five years in prison and a fine of $250,000 at his Oct. 25 sentencing.