By The Associated Press
Friday, February 10, 2012
Whitman Capital portfolio manager Doug Whitman has been charged with conspiracy and securities fraud in New York.
Authorities say two insider trading plots brought his Menlo Park, Calif.-based firm more than $900,000.
Federal prosecutors said Friday that Whitman's hedge fund made trades from 2007 to 2009 based on inside information related to Google Inc., Marvell Technology Group Ltd. and Polycom, Inc.
Whitman's lawyer says his client is innocent. He says he made trades based on "lawful research and analysis" and has cooperated with authorities.
Whitman faces two counts of securities fraud, which each carry a maximum sentence of 20 years in prison. Two additional counts of conspiracy to commit securities fraud each carry up to five years. He could also face millions of dollars in fines.
