Rhode Island Man Charged By Fed With Insider Trading

A Needham police officer is one of three people charged in an insider trading scheme. Officer David Forte is accused of receiving inside information about a Norwell semiconductor company's planned acquisition of a California firm. Forte, John Younis of Rhode Island and Gregory Manning of Needham are accused of using the information to make profitable stock transactions.

According to the SEC's complaint, David P. Forte obtained material, non public information about the impending merger of Analog Devices and Linear Technology from his brother, an Analog Devices executive. The complaint alleges that Forte then tipped his friends, Gregory P. Manning and John D. Younis, who purchased Linear securities, including call options, in advance of the July 26, 2016 announcement. The complaint also alleges that Younis recommended Linear to a business associate, who purchased Linear stock before the announcement.

The men each face up to five years in federal prison if convicted of conspiracy to commit securities fraud.

(Photo by SAUL LOEB/AFP via Getty Images)

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