Sunday, 26 March 2017
Last updated 1 day ago
Nov 5 2013 | 8:10am ET
Former hedge fund manager Doug Whitman has appealed his conviction on insider-trading charges.
Lawyers for the Whitman Capital Management founder complained that they were not permitted to present testimony from an expert witness who would have told a jury that Whitman's activities were not consistent with insider-trading.
The U.S. Second Circuit Court of Appeals in New York is considering Whitman's case. The California man was convicted of conspiracy and securities fraud in August 2012 and sentenced to two years in prison in January.
Whitman himself testified at trial, telling the jury that he did not trade on material, non-public information and explained that his understanding was that it is only illegal to trade on precise numbers received from corporate insiders, and not merely on general information.
Whitman has remained free on bail pending his appeal.