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  (Source: valuewalk.com)
Manhattan prosecutors have recommended that he be sentenced to a maximum of two years in prison

An ex-AT&T employee pleaded guilty to one count of conspiracy after admitting that he released Apple's iPhone and Research In Motion's BlackBerry sales numbers to traders.

Alnoor Ebrahim, a 57-year-old former AT&T employee, took AT&T's sales numbers for Apple's iPhone, RIM's BlackBerry phones, and other devices and gave them to traders. The traders then bought shares illegally based on this information.

"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," said Ebrahim.

According to Ebrahim, he was apart of an expert-network ring, meaning employees of firms like Primary Global Research (PGR) help share corporate secrets from consultants at certain companies. Ebrahim was shown to be a PGR consultant in court documents filed last year.

Ebrahim pleaded guilty to one count of conspiracy to commit wire and securities fraud, and Manhattan prosecutors have recommended that he be sentenced to a maximum of two years in prison.

AT&T said Ebrahim no longer works for the company, and that the matter was taken very seriously.

Source: Reuters


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Double standard
By Solandri on 6/19/2012 4:26:07 PM , Rating: 5
quote:
Ebrahim pleaded guilty to one count of conspiracy to commit wire and securities fraud, and Manhattan prosecutors have recommended that he be sentenced to a maximum of two years in prison.

So... sell private company info without their consent and it's wire and securities fraud with a max 2 years in prison.

Sell private customer info without their consent and it's monetizing data for maximum revenue potential.




RE: Double standard
By inperfectdarkness on 6/20/2012 2:52:00 AM , Rating: 2
I agree. Can we give everyone who has ever worked for Facebook a 2-year prison sentence?


"Nobody Expects the Spanish Inquisition!"
By 225commander on 6/19/12, Rating: 0
RE: "Nobody Expects the Spanish Inquisition!"
By aurareturn on 6/19/12, Rating: -1
RE: "Nobody Expects the Spanish Inquisition!"
By amanojaku on 6/19/2012 7:00:29 PM , Rating: 2
All your votes are belong to us.


By Alexvrb on 6/19/2012 11:13:50 PM , Rating: 2
Take off every Vote!


What about...
By zephyrwind69 on 6/20/2012 1:32:56 AM , Rating: 3
The traders who seriously profited from this?

While I'm sure Ebrahim profited directly from the 'professional guidance' he provided shouldn't the prosecutors also be pursuing the illegal trades that occurred? There's more of a paper trail with any stock trade than Ebrahim probably ever left. It's not outside a competent prosecutor's ability to pursue not only one bad seed but the entire chain which he helped to create. Why he's the only one investigated and why there's not further active investigations interests me most.

If the prosecutors were serious they wouldn't stop at one bad seed, they'd take down the corrupt money tree and leave Wall Street a little cleaner.




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