Ex-Fidelity Trader Found Liable For Insider Trading

Law360, New York (November 24, 2009, 5:17 PM EST) -- A jury has found former Fidelity Investments equity trader David K. Donovan Jr. liable in a civil suit filed by the U.S. Securities and Exchange Commission accusing Donovan of co-opting confidential tips about Fidelity's internal orders to profit from stock bought and sold under his mother's name.

Following a seven-day trial in the U.S. District Court for the District of Massachusetts, the jury found Friday that Donovan had violated insider trading bans by passing material, nonpublic information about the stock of Covad Communications Group Inc. to...
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