David Forte had already been convicted of insider trading charges in July, while Peter Forte denies any wrongdoing and has not faced charges.
During the proceedings, Judge Burroughs inquired, “Did you know you had inside information?” Manning conceded, “I knew David had some information that was not legitimately obtained.” After some back-and-forth, Manning eventually admitted, “Whether it came from Peter or not, I don’t know. I believed he had illegitimate information.”
Profits from the Insider Tip
In July 2016, as the ADI and Linear deal reached its final stages, David Forte and Manning allegedly exchanged a series of phone calls over a 10-day period. Manning invested in 5,000 shares of Linear Technologies. As news of the deal became public, Linear’s stock price surged. The following day, Manning sold his shares, reaping a $35,000 profit.
David Forte refrained from purchasing shares, reportedly concerned that his last name might draw attention to his brother’s involvement.
Analog Devices Insider Trading Trial: Guilty Plea and Sentencing
Younis, the third defendant in this case, pled guilty last year and received a two-year probation sentence.
