Thu, Apr 17, 2014
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

Banner
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: European stock-picking fund up 19% YTD, bets on small caps’ high cash level[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Here is a European long/short equity fund that has been beating the odds since its 2008 inception by employing its own investment model, frequent company visits

  2. CTAs could face new challenges in a rising rates environment[more]

    Bailey McCann, Opalesque New York: CTAs have taken a beating performance wise lately, and asset flows reports show that investors aren't sticking around to see how the movie ends. Now, a new white paper from Roy Niederhoffer and Coen Weddepohl notes that as interest rates start to tick back u

  3. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  4. Opalesque TV: First Trust Advisors launches liquid alternatives platform[more]

    Bailey McCann, Opalesque New York: First Trust Advisors is launching a new liquid alternatives platform aimed at building on the companies existing alternative ETFs offering by adding hedged mutual funds. Senior Portfolio Managers Rob Guttschow and John Gambla recently sat down in an

  5. Commodities – Popular value fund manager David Iben bets on Russia, gold,[more]

    From Reuters.com: With large bets on Russia and North American gold miners, one of the best performing stock pickers in the wake of the 2008 financial crisis is back with a new fund that reflects his deep aversion to following the crowd. In the Kopernik Global All-Cap Fund, David Iben is follo