Hedge Fund News From HedgeCo.Net

Insider Trading: California Hedge Fund Founder Gets 2 Years Behind Bars

New York (HedgeCo.Net) – San Francisco hedge fund founder Doug Whitman was sentenced yesterday to two years behind bars after a conviction on securities fraud and conspiracy charges.

Whitman Capital, the hedge fund he had presided over had about $100 million in assets. Prosecutors said Whitman made nearly $1 million between 2006 and 2009 by receiving inside tips about the earnings of public companies.

Whitman said he was “terribly, terribly sorry.” The judge accused him of being, “cavalier and crude in his business dealings.” Whitman was also fined $250,000 and ordered to forfeit $935,000.

Alex Akesson
For HedgeCo.net
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