Doug Whitman to Testify at Insider Trial, Spokesman Says
Whitman Capital LLC’s Doug Whitman will testify in his own defense in his insider trading trial, according to his spokesman, Bill McBride.
Whitman may testify as soon as today after prosecutors rest their case against him, according to McBride.
Prosecutors say Whitman made almost $1 million for his Menlo Park, California-based hedge fund from trading on illegal tips about Polycom Inc. (PLCM), Google Inc. and Marvell Technology Group Ltd. (MRVL) The move will open Whitman to questioning from prosecutors.
Jurors in the trial, which began July 30 in federal court in Manhattan, have heard testimony from three witnesses who pleaded guilty to passing tips to Whitman and are cooperating with the government.
Prosecutors have also presented instant messages and telephone recordings they claim show Whitman traded on improper confidential company information.
The case is U.S. v. Whitman, 1:12-cr-00125, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Bob Van Voris in Manhattan federal court at email@example.com.