Another Guilty Plea In The Expert Network Insider Trading Cases
The war on insider trading continues in the wake of the guilty verdicts in the criminal case against former Goldman Sachs director Rajat Gupta. This week another defendant pleaded guilty in the expert networking insider trading cases. Alnoor Ebrahim pleaded guilty to one count of conspiracy to commit securities fraud and wire fraud in connection with the insider trading scheme. U.S. v. Ebrahim, 1:12-cr-00471(S.D.N.Y.). Sentencing is scheduled for October 25, 2012.
Mr. Ebrahim was previously employed as an associate director of channel marketing at AT&T. According to the information, from 2008 through 2010 Mr. Ebrahim furnished product sales information regarding AT&T’s cell phone handsets. This included information about the sales of IPhone and RIM’s Blackberry devices. That information was made available to clients of expert network Primary Global which was central to this series of insider trading cases. In many instances the information was made available in consultation calls with employees of investment firms in New York City. Mr. Ebrahim was paid about $180,000.