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Hedge Fund Fraud: Whitman Joins the Ranks of Rajaratnam Guilty Verdicts

New York (HedgeCo.Net) – The manager of a $100 million hedge fund, Doug Whitman, has been convicted of insider trading.

“Douglas Whitman now joins the grim procession of convicted Wall Street professionals who decided that the rules don’t apply to them. The rules do apply,” U.S. Atty. Preet Bharara said in a statement “Mr. Whitman had a hedge fund with his name on the door, with rules against insider trading. He flouted those rules, tarnished his name and now is a convicted felon facing imprisonment.”

The accusations include insider trading schemes that earned his firm more than $900,000 in illegal profits.

Whitman was convicted on all four counts with which he was charged. He was found guilty of executing trades based on non-public information related to three publicly traded companies: Marvell Technology Group, Polycom and Google.

Alex Akesson
Editor for HedgeCo.net
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