Ex-AT&T Employee Faces Two Years in Prison After Admitting Role in Insider Trading Case

By

An ex-AT&T employee may wind up in prison after admitting he provided confidential sales data about Apple and Research In Motion, later used as insider information.

The defendant, Alnoor Ebrahim, entered a guilty plea this week in federal court to a count of conspiracy to commit wire and securities fraud, BGR News reported.

The AT&T-related data was used by traders who later bought shares of stock, according to Reuters. Among the secret information was a statement about how many iPhones AT&T expected to sell in a given quarter.

"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," Ebrahim said before NY federal Judge Paul Oetken.

Ebrahim earned about $180,000 in exchange for sharing the confidential information. He got the money while working as a consultant for the expert-network firm called Primary Global Research LLC – while working concurrently for AT&T.

Prosecutors want Ebrahim to be sentenced to two years in a federal prison.

"I knew that what I was doing was wrong," Ebrahim said in a court statement. "I knew I breached my fiduciary duty to AT&T."

The guilty plea is part of a larger insider trading prosecution coordinated by federal authorities.

Last week, Rajat Gupta, a former board member at Goldman Sachs Group, was convicted on charges of insider trading. After a lengthy federal trial, Gupta was convicted on four counts of conspiracy and securities fraud. Gupta allegedly leaked corporate secrets, according to news reports carried by TechZone360.

The former board member allegedly gave insider information to Galleon Group hedge fund founder Raj Rajaratnam, who took advantage of the information by making trades at a profit, according to federal prosecutors.

The ongoing crackdown on insider trading has led to 63 of the 69 defendants charged in the inquiry to enter guilty pleas or being convicted of criminal charges.




Edited by Braden Becker
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

TechZone360 Contributor

SHARE THIS ARTICLE
Related Articles

Tech Podcast Award Winners Bring Excitement and Enthusiasm to a Range of Important Tech Topics

By: TMCnet Staff    6/18/2025

Tech Podcast Award winners produce engaging, informative, and often entertaining content, bringing valuable insight from industry front lines to the e…

Read More

How Mobile Technology is Driving the Shift to Casino Apps

By: Contributing Writer    6/12/2025

Recent years have seen casino apps completely changing the online casino experience. Thanks to mobile-first technology, apps are becoming the default.…

Read More

Decentralized IT Management: Fad or Future?

By: Contributing Writer    6/5/2025

Managing IT feels like an ongoing balancing act for many businesses. Centralized systems often create bottlenecks, slow down teams, and frustrate empl…

Read More

IT Management as a Driver of ESG Initiatives

By: Contributing Writer    6/5/2025

Businesses today face growing pressure to meet environmental, social, and governance (ESG) standards. Customers demand greener practices. Investors lo…

Read More

Everything You Need to Know About Mobile Casinos

By: Contributing Writer    5/30/2025

We live in the age of technology and we have come to solve things on the go, whether we are talking about personal or job-related issues. We have come…

Read More