Recently, 60-year-old Gregory Manning, a Chatham resident, pleaded guilty to insider trading according to Justice Department's press release.
Manning's offense was based on a series of relationships and exchanged information. David Forte, in June 2016 had procured non-public data about the intended acquisition of Linear Technology Corp (Linear) by Analog Devices, Inc. (Analog). Consequently, in the week leading up to the announcement of the takeover, Manning bought 3,000 Linear shares. After the deal became public, Manning sold the shares and paid Forte a kickback for the insider information, according to the Justice Department's press release.
Manning pleaded guilty along with John Younis and David Forte, the other two involved, to perpetrate the scheme. Younis was sentenced one month of home detention and two years of probation after a guilty plea in June 2022. Forte, convicted by a federal jury in July 2023, is awaiting his October 24, sentencing. On January 3, 2024, Manning is scheduled to be sentenced, facing possibly a long prison term as the charge of conspiracy to commit securities fraud carries a maximum of up to 25 years imprisonment.
