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Trading tips from employees are not illegal: Doug Whitman

Dunya News

Jury will resume deliberations Monday in NY to define insider trading.

.San Francisco hedge fund founder Doug Whitman testified last week at his Manhattan federal trial.He says he doesnt believe its illegal to get information from employees of public companies about company prospects as long as they dont provide specific numbers.Prosecutors suggest his definition of inside information conflicts with his own hedge funds policy on the issue.His confrontation with a prosecutor on the subject of what constitutes illegal trades came as he defends himself against inside information charges.The government says he made nearly $1 million from 2006 through 2008 through tips from a neighbor.