Skip to main content
Press Release

Chatham Man Sentenced for Insider Trading Scheme

For Immediate Release
U.S. Attorney's Office, District of Massachusetts
Defendant purchased 3,000 shares of stock based on material non-public information

BOSTON – A Chatham was sentenced today in federal court in Boston for trading on inside information about a Massachusetts semiconductor company’s planned acquisition of a California company.

Gregory Manning, 61, formerly of Needham, was sentenced by U.S. District Court Judge Allison D. Burroughs to two years of supervised release, with the first three months to be served in home detention. Manning was also ordered to pay a fine of $20,000. In October 2023, Manning pleaded guilty to one count of conspiracy to commit securities fraud and one count of securities fraud. Manning was charged in January 2020 along with co-defendants John Younis and David Forte.

In or around June 2016, Forte ¬obtained material non-public information from his brother who was a senior executive at Analog Devices, Inc. (Analog), a Norwood-based semiconductor company, about Analog’s planned acquisition of Linear Technology Corp. (Linear), a semiconductor company based in Milpitas, Calif. Forte passed the information to Manning, who purchased 3,000 shares of Linear stock in the week leading up to the public announcement of the acquisition on July 26, 2016. After the deal was announced, Manning sold all the Linear shares he had purchased for a profit and later paid Forte a kickback in appreciation for Forte’s stock tip.

In June 2022, Younis was sentenced to two years of probation, with the first month served on home detention, after pleading guilty to trading in Linear securities based on the material non-public information Forte provided to him. In July 2023, Forte was convicted by a federal jury of one count of conspiracy to commit securities fraud and one count of securities fraud. In November 2023, he was sentenced to one year of supervised release with the first six months to be served on home detention.

Acting United States Attorney Joshua S. Levy and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. The Securities & Exchange Commission provided valuable assistance. Assistant U.S. Attorneys David M. Holcomb and Leslie A. Wright of the Securities, Financial & Cyber Fraud Unit prosecuted the case.

Updated January 23, 2024

Securities, Commodities, & Investment Fraud