A technology consultant who helped the U.S. government in insider trading investigations avoided jail in his sentencing Monday.
U.S. District Judge Jed Rakoff in Manhattan ordered Karl Motey to one year of supervised release and to forfeit $40,000 for conspiracy and securities fraud. Motey, who worked at consulting firm Coda Group, recorded more than 400 conversations with more than 50 subjects to help with the government’s insider trading probe.
Motey pled guilty in 2010 to providing confidential information to co- conspirators relating to Marvell Technology Group and other companies, including hedge fund firm Whitman Capital’s Doug Whitman.
eVestment reported last month that California-based Whitman was sentenced to two years in prison for trading on confidential information about Google, Polycom and other technology firms that earned his hedge fund nearly $1 million in illegal profits.