NEW YORK (AP) — The definition of insider trading has gotten a workout at the Manhattan federal trial of a San Francisco hedge fund founder after he testified that information he elicits from public company executives about earnings or future prospects is legal as long as he is not told exact numbers.
Doug Whitman’s testimony over several days last week even raised questions from U.S. District Judge Jed Rakoff when Whitman described where he drew the line between illegal inside information and legitimate research at the West Coast hedge fund firm he founded in 1994.
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