BOSTON – A Cape Cod man is being federally sentenced for trading inside information.
The Justice Department says Gregory Manning of Chatham, formerly a resident of Needham, was sentenced to two years of supervised release, including three months of home detention, and was fined twenty-thousand dollars.
Last October, Manning pleaded guilty to one count of conspiracy to commit securities fraud and one count of securities fraud.
Federal prosecutors say Manning purchased three-thousand shares of stock from Linear Technology Company in the week leading up to the announcement of Linear’s acquisition by Analog Devices, Inc. in 2016.
Linear was a semiconductor company based in California, while Analog is headquartered in Wilmington, Mass.
After receiving the illegal stock tip, the DOJ says Manning sold all of his Linear shares and paid a kickback.
By Jim McCabe, CapeCod.com NewsCenter
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