Ex-AT&T Employee Admits Leaking RIM’s BlackBerry Sales Figures to Traders
Been scratching your head at Research In Motion’s stocks lately? Here’s a little conspiracy theory for one reason why they might be doing poorly. An ex-AT&T employee, Alnoor Ebrahim, admitted today that he leaked BlackBerry and iPhone sales figures to traders.
“I provided insider information concerning AT&T’s sales of Apple’s iPhone and RIM’s (Research In Motion Ltd) BlackBerry products, as well as other handset set devices sold through AT&T distribution channels,” Ebrahim told U.S. District Judge Paul Oetken in Manhattan.
The information Ebrahim leaked was used by traders who illegally bought shares on the information. Ebrahim pleaded guilty to one count of conspiracy to commit wire and securities fraud. He is recommended a sentence with a maximum of two years in prison by Manhattan federal prosecutors.
“We took this matter very seriously and cooperated fully with the authorities,” said AT&T spokesman Marty Richtman. “The conduct alleged was clearly against our code of business conduct, and Mr. Ebrahim is no longer an AT&T employee.”
Do you believe the actions of Ebrahim may have played a role in how some traders managed the ‘sell’ rating on RIM? Let us know your thoughts in the comments.