Eric M. Martin, the former head of investor relations for children’s apparel maker Carter’s, pleaded guilty Tuesday to conspiracy to commit securities and wire fraud in a federal insider trading case.
The 42-year-old Roswell resident was accused of tipping a former Wall Street analyst about the Atlanta-based company’s quarterly and annual financial results between 2005 and 2009, including details of the clothier’s plans in 2005 to buy competitor Oshkosh B’Gosh prior to the acquisition.
Martin could be sentenced to a maximum of 25 years in prison and a fine of up to $250,000, according to the U.S. District Court of North Georgia. A date for sentencing has not been set.
“Mr. Martin, as a corporate executive and leader at Carter’s Inc., betrayed the trust bestowed upon him and attempted to enrich his bank account and others by engaging in insider trading using financial data that he was entrusted with safeguarding,” FBI Special Agent in Charge Mark F. Giuliano said in a release.
Martin is one of several Carter’s executives under investigation since the U.S. attorney’s office opened an inquiry into the company in 2009. Criminal charges have also been filed against Joseph Pacifico, the company’s former president, and its former Vice President of Sales Joseph Elles. Both are accused of securities fraud among other charges. Their cases are still pending.
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