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California Firm, Manager Settle Insider Trading Allegations

Jun 10, 2013
Jing Chen

California-based family office Whittier Trust and its former fund manager have agreed to pay $1.68 million to settle insider trading charges.

Reuters reported that Whittier will pay about $1.52 million, while Dosti has been fined nearly $159,000.

The Securities and Exchange Commission accused Whittier and Victor Dosti of illegally trading shares of Dell, Nvidia Corp. and Wind River Systems stocks based on confidential tips from Danny Kuo, a former Whittier fund manager Dosti supervised.

Whittier said in a statement that the “the conduct engaged in by two former employees is completely contrary to the core values of [the] organization.”

Whittier manages more than $8 billion for families in more than 30 states.

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