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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Is Steven Cohen Going to Buy the Brooklyn Nets?

Jan 19 2015 | 6:49am ET

Rumors that Steve Cohen was interested in the Brooklyn Nets emerged after Scott...

Guest Contributor

Investors Benefit From Evolution Of Fund Of Hedge Funds Model

Jan 22 2015 | 12:27pm ET

The evolution of the fund of hedge funds model over the last few years represents...

 

Editor's Note