SEC v. David P. Forte, Gregory P. Manning and John D. Younis (insider trading, 2022)

Alleged — pending

These are allegations. SEC has filed an action; nothing in it has been proven, and the respondents have not been found liable. Everything described on this page is what the regulator alleges, not what a court has found. See our editorial policy.

✓ Checked against the primary document on October 4, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In January 2022 the SEC charged three friends, David Forte, Gregory Manning and John Younis, with trading Linear Technology securities ahead of the July 2016 announcement of its acquisition by Analog Devices, making over $90,000. The matter is an allegation and no outcome is recorded.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

$90k

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced the complaint on January 19, 2022 as litigation release 25311, filed in the District of Massachusetts.

The complaint alleges Forte learned of the merger from his brother, an Analog Devices executive, and tipped Manning and Younis, who bought Linear securities including call options; Younis allegedly also recommended the stock to a business associate. The SEC seeks injunctions and penalties and parallel criminal charges were announced.

The status was previously unknown; only a filed complaint is reported.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

Partial outcome: the Commission's June 3, 2024 settled order (File No. 3-21953) states that on May 30, 2024 the District of Massachusetts entered a judgment against Gregory Manning permanently enjoining him under Section 10(b) and Rule 10b-5 and ordering $34,750 in disgorgement (deemed satisfied by his criminal forfeiture), $14,940.39 in prejudgment interest and a $14,750 civil penalty. No outcome for David Forte or John Younis was found, so the record is left as filed. Checked on 2026-10-04: no final outcome for the matter as a whole was found on the SEC litigation release or administrative proceeding pages, so the status stays filed.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2022-01-19 Litigation release published
2. 2024-05-30 Judgment entered against Gregory Manning only (D. Mass.), as described in the Commission order of June 3, 2024

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release
• SEC Order, Exchange Act Release 100258 (June 3, 2024; Manning only)

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. If this matter has since resolved, been withdrawn or been dismissed, we want to know: submit a correction.