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Hedge fund manager charged with insider trading

By Reuters
Friday, February 10, 2012 12:06 EDT
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NEW YORK (Reuters) – A California-based hedge fund manager surrendered to FBI agents on insider-trading charges on Friday, an FBI spokesman in New York said.

The FBI spokesman said an indictment would be unsealed later on Friday in federal court in New York outlining the charges against Doug Whitman, the founder of Whitman Capital in Menlo Park, California. The hedge fund’s web site describes it as a private partnership focused on the technology industry.

A spokesman for Whitman had no immediate comment. Whitman’s lawyer was not immediately available.

Dozens of hedge fund managers, consultants, lawyers and executives have been charged since 2009 in a sweep by federal authorities to stop money managers from gaining an illegal edge in the market with inside information.

(Reporting By Grant McCool; Editing by Gerald E. McCormick)

Photo credit: Jorg Hackemann / Shutterstock.com.

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