Wednesday, 1 October 2014
Last updated 11 hours ago
Aug 17 2012 | 12:31pm ET
If Doug Whitman was using confidential information to trade Marvell Technology Group shares, he may not have been alone, his lawyers argued as his trial drew to a close.
A stock-trading expert called by Whitman's legal team suggested several innocent explanations for trades cited by the government as illegally based on confidential information, Law360 reports. In the case of Marvell, Michael Mayer testified that Whitman's trading mirrored that of the market during the financial crisis and came as Whitman cut his equity holdings more broadly. And he pointed out that Whitman had held a large position in Marvell for years prior to the alleged insider trades, and remained a big investor even after he sold some shares.
"It still wanted the stock to go up because it had a net long position," Mayer told the jury. "Marvell [was] a very sizeable long position and this is trading on the edges of that."
Mayer also questioned whether allegedly illicit Google Inc. trades were quite so nefarious, arguing that the trades could have been the result of a "laddering" strategy.
Whitman's defense rested following Mayer's testimony. Lawyers for both sides are set to make their closing statements today, after which the jury will begin deliberations.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...