Whitman Defense Rests After Expert Questions Gov't. Case

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.


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.