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Tuesday, 19 June 2012 14:37

AT&T bloke admits flogging Apple secrets

Written by Nick Farrell

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Sales figures are apparently a secret

A former AT&T employee admitted to selling company secrets, such as sales numbers for Apple iPhone to traders who illegally bought shares on the information.

While sales figures are probably not something that should be a secret, in Apple's book Alnoor Ebrahim is the Rosenberg of the 21st century. Ebrahim is a US citizen born in Tanzania and is the latest person to plead guilty in the U.S. government's crackdown on insider trading.

Ebrahim was part of an expert-network ring where some employees of specialised firms such as Primary Global Research (PGR) helped funnel corporate secrets from consultants at companies to hedge funds. He told U.S. District Judge Paul Oetken in Manhattan that he 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 admitted one charge of conspiracy to commit wire and securities fraud. He is likely to face a maximum of two years in prison.

Nick Farrell

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