The prosecution and defense delivered their closing arguments in insider trading trial "U.S. v Whitman," reports Bloomberg. The defendant Doug Whitman is accused of conspiracy and securities fraud. For the most serious he could be sentenced to a maximum of 20 years.
The only really interesting parts of the this kind of trial, which has become boringly familiar, were that he took the stand and that Roomy Khan, a documented liar, was a prosecution witness. There was a time not so long ago when an insider trading case was the best show on earth.
When Raj Rajaratnam of Galleon Holdings was tried, the media, both legal and business, covered everything from possible strategies the defense could take to what the defendant did on courtroom breaks. The Rajat Gupta one was equally exciting because it involved a former pillar of the establishment. There will be another flicker of intense interest when Gupta is sentenced in October. Will he get more than the 11 years Rajaratnam received or will the court cave to all the character witnesses who praise his philanthropic activities?
Meanwhile, Whitman, who says he's innocent, could have his last weekend of magical thinking. He is in his early 50s.