Gregory Manning, 59, of Needham, Massachusetts, United States, John Younis, 59, of Bristol, Rhode Island, USA and David Forte, 58, of Acton, Massachusetts appeared in federal court in Boston, Massachusetts on January 19, 2022. They were each charged with one count of conspiracy to commit securities fraud.
Forte is a Needham Police Department officer. He is friends with Manning and Younis.
If found guilty, Manning, Younis and Forte will spend up to five years in prison. The charge of conspiracy to commit securities fraud also provides for a fine of $250,000 or twice the gross gain or loss, whichever is greater, and three years of supervised release.
On June 22, 2016, Forte allegedly obtained material non-public information from a close relative about Analog Devices, Inc.’s planned acquisition of Linear Technology Corp., a semiconductor company based in Milpitas, California, USA. The relative is a senior executive at Analog Devices, Inc., a semiconductor company based in Norwood, Massachusetts.
Afterwards, Forte allegedly passed the information to Manning and Younis, who purchased shares of Linear Technology Corp. stock in the week leading up to the acquisition, which was publicly announced on July 26, 2016. Younis allegedly purchased call options and tipped a business associate to also purchase Linear Technology Corp. shares.
Manning, Younis and the associate are accused of selling their Linear Technology Corp. securities at a profit after the deal was announced. As payment for his stock tip, Forte allegedly received a kickback from Manning.
Boston was incorporated as a town on September 7, 1630 and as a city on March 19, 1822. It is the 24th most populous city in the U.S. and the capital of Massachusetts.
On November 16, 2021, Michelle Wu, 37, a daughter of Taiwanese immigrants, assumed office as the 55th mayor of Boston. She is the first woman, first person of color and first Asian American elected to serve as the city’s mayor.