A portfolio manager at Whitman Capital, LLC, Doug Whitman, has been found guilty of conspiracy and securities fraud crimes stemming from his involvement in two insider trading schemes that earned his firm more than $900,000 in illegal profits.
Whitman was convicted on all four counts with which he was charged. As part of the schemes, Whitman executed trades based on material, Inside Information, related to three publicly traded companies: Marvell Technology Group, Ltd, Polycom, Inc and Google, Inc.
As reported by Newsroom America Staff, from 2007 through 2009, while running Whitman Capital, Whitman bought and sold Marvell stock and options based on Inside Information, including earnings, revenue, and/or other material financial and business information. The Inside Information was provided to Whitman by Karl Motey, an independent research consultant, who had obtained it from certain Marvell employees.