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Former exec. pleads guilty to insider trading

gavel
Posted at 7:34 PM, Jun 19, 2013
and last updated 2013-06-19 19:34:00-04

ATLANTA (AP) - The U.S. attorney's office in Atlanta says a former executive for Carter's Inc. has pleaded guilty to conspiracy to commit securities fraud.

 

      Federal prosecutors say Richard T. Posey entered the plea Wednesday. He's the second former Carter's executive to plead guilty in what prosecutor say was a multi-million dollar insider trading conspiracy.

 

      Posey worked as vice president of operations for various Carter's brands and divisions for more than 10 years. He was fired in January.

 

      Prosecutors say the 52-year-old disclosed inside information about the company's upcoming earnings releases and other developments to Eric M. Martin, the former head of investor relations, from April 2009 to July 2010. Martin pleaded guilty in December.

 

      Prosecutors say Martin gave Posey stock tips about other companies in exchange for the Carter's information.