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Former exec. pleads guilty to insider trading
Tuesday - 12/18/2012, 10:40pm EST
ATLANTA (AP) - The U.S. Attorney's Office in Atlanta says the former head of investor relations for Carter's Inc. has pleaded guilty to conspiracy to commit securities and wire fraud.
Officials announced Tuesday that Eric M. Martin traded stock between 2005 and 2009 based on nonpublic information about the company's finances when employed by the major children's clothing company.
In a news release, the Attorney's Office said Martin also shared sensitive company information with a former Wall Street analyst before it was released publicly. He was fired in 2009.
As part of his plea agreement, officials said Martin acknowledged he was responsible for between $2.5 million and $7 million in the insider-trading scheme.
The 42-year-old could receive up to 25 years in prison. It was not known if he had a lawyer.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)