Sat, Apr 29, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Court set November trial for ex-SAC Capital hedge fund manager Matthew Martoma

Thursday, June 06, 2013

From Komfie Manalo, Opalesque Asia – A Manhattan court on Wednesday set a November trial date for former SAC Capital Advisors’s portfolio manager Matthes Martoma for alleged insider trading, reported AP.

U.S. District Judge Paul Gardephe set the trial date on November 4. 38-year-old Martoma was accused of earning $9m in bonuses from the estimated $250m illegally earned by SAC Capital and other investment professionals after he convinced a medical professor to leak secret information from an Alzheimer's disease trial between 2006 and 2008. The Alzheimer's drug was being jointly developed by Elan Corporation, plc and Wyeth.

Government prosecutors described the illegal deal as the biggest insider trading in history in terms of the amount of illegal earnings involved.

FBI agents arrested Mathew Martoma in Florida in November 2012 on insider trading charges; it was one of FBI’s five-year campaign to root out insider trading at hedge funds and expert networking firms. Martoma posted bail for his temporary liberty afterwards.

During Wednesday’s hearing at a Manhattan federal court, Assistant U.S. Attorney Arlo Devlin-Brown said the prosecution team would ask the University of Michigan to provide access to......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Ex-Man manager combines sustainable investing with AI/ML[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Dr. Richard Bateson, quant fund manager and physicist, has recently

  2. Other Voices: "Winner-take-all" dynamics and hedge fund investing[more]

    A growing stream of thinking in microeconomics is the concept of "winner-take-all" dynamics. The idea seems simple. A combination of networking economics and classic economies of scale creates situations where there are just a few dominant firms or economic agents who are able to capture significant

  3. Investing - How Chipotle's comeback attracted big data robots and value investors alike[more]

    From Forbes.com: When William Ackman's ailing hedge fund Pershing Square Capital Management bet $1 billion on shares in Chipotle Mexican Grill beginning in July 2016, the stakes couldn't have been higher. Pershing Square was reeling from what would eventually be a near $4 billion loss in drugmaker V

  4. Service Providers - Colemore launches fee tracking service for limited partners[more]

    Following Colmore's successful launch in January 2017, the firm has announced the launch of FAIR.. FAIR is designed to help private equity investors independently validate fees and incentives charged by underlying managers, saving time and providing an extra level of comfort. There is a glob

  5. Regulatory - 'Fist bumps' at hedge funds over Trump's tax plan[more]

    From Reuters.com: U.S. hedge fund managers began warming to President Donald Trump soon after his surprise election ignited a powerful stock market rally. Now, his dramatic tax cut plans give them even more reasons to cheer. Trump, looking to make good on pledges for sweeping tax reform, on Wednesda