Supreme Court lets stand conviction of San Francisco hedge fund founder Whitman

Markets Associated Press

The Supreme Court has declined to disturb the conviction of San Francisco hedge fund founder Doug Whitman on insider trading charges.

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The justices on Monday rejected Whitman's appeal of his 2012 conviction for securities fraud and conspiracy.

Prosecutors said Whitman made nearly $1 million between 2006 and 2009 by receiving inside tips about the earnings of public companies. Whitman had testified that he was careful to avoid inside trades. He was sentenced to two years in prison.

Whitman argued that the trial court gave the jury flawed instructions and improperly excluded the testimony of a witness.