In a surprising turn of events, a third individual charged with insider trading in connection to Analog Devices Inc.’s acquisition of Linear Technologies in 2016 has pled guilty to securities fraud and conspiracy charges. The trial was on the verge of commencing when David Manning, aged 60, chose to admit his involvement.
Analog Devices Insider Trading Trial : No Jail Time Guaranteed, but Judge Issues Warning
While Manning’s plea agreement does not entail any prison time, U.S. District Judge Allison Burroughs made it clear during a hearing in a Boston federal court that she was not bound by this arrangement.
Manning’s guilty plea appeared to dance on the precipice of acknowledging responsibility, according to Judge Burroughs. Manning repeatedly stopped short of confessing to knowing the original source of the insider information regarding Massachusetts-based Analog Devices Inc.’s planned acquisition of Linear Technologies, a smaller California-based firm.
Analog Devices Insider Trading Trial: The Web of Insider Information
Prosecutors allege that David Forte, Manning’s lifelong friend, learned of the impending deal through his brother, Peter Forte, an ADI employee. David Forte purportedly passed this information on to Manning, who subsequently acquired shares of Linear Technologies.
