Bharara Announces Insider Trading Plea on Heels of Guilty Verdict in Gupta (UPDATE)


A former marketing executive at AT&T pled guilty to insider trading charges after providing sales data for the Apple iPhone and RIM’s Blackberry to a so-called expert network, said U.S. Attorney Preet Bharara in a statement.

Alnoor Ebrahim, 57, of Alpharetta, Georgia, pled guilty to one count of conspiracy to commit securities fraud and wire fraud. According to a press release, Mr. Ebrahim was paid more than $180,000 between 2008 and 2010 for providing nonpublic information on handset sales to investors. The charge carries a maximum sentence of five years.

The guilty plea comes after Mr. Bharara’s office obtained a guilty verdict in the insider trading trial of Rajat Gupta, the former McKinsey & Co. chief executive charged with passing corporate secrets to now-imprisoned hedge fund manager Raj Rajaratnam.

Mr. Ebrahim’s guilty plea marks the government’s 63rd insider trading conviction since October 2009.

Updated to correct the number of insider trading convictions obtained by the government in recent years.