Sun, Nov 23, 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

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. Greenlight Re CEO says hedge fund reinsurance strategy buzz is validating[more]

    From Artemis.bm: The attention being paid to the hedge fund reinsurance business model and the fact that others are now looking to leverage bits of it within their own strategies, is validating for reinsurer Greenlight Capital Re, according to CEO Bart Hedges. There has been an increasing buzz

  2. Legal - Hedge fund manager fights £8m tax tribunal ruling[more]

    From FT.com: A hedge fund manager who may have to repay £8m in tax is trying to overturn a tribunal ruling that found he had attempted to shelter millions in an avoidance scheme. Patrick Degorce, chief investment officer at Theleme Partners, lost a tax tribunal case last year. HM Revenue & Customs c

  3. Europe - Hedge funds face exit tax as Iceland central bank discusses plan[more]

    From Bloomberg.com: Hedge funds and other creditors with claims against Iceland’s failed banks face an exit tax as the island looks for ways to unwind capital controls without hurting the economy. The government targets having a plan it can present by year-end that would map out how Iceland will sca

  4. Investing - George Soros puts $500m of his money on Bill Gross, Soros, Paulson backed Hispania Activos mulls Realia takeover, Ex-Credit Suisse trader’s hedge fund sees yen shorts as crowded, Hedge hunters double default-swaps as views split, Large hedge fund positions come under pressure, Vikram Pandit's fund picks 50% stake in JM Financial's realty lending arm for $87m[more]

    George Soros puts $500m of his money on Bill Gross From WSJ.com: Before Bill Gross was fully settled in at his new firm, Janus Capital Group Inc., he received an unlikely visit from the chief investment officer of famed investor George Soros ’s firm, according to a person familiar with t

  5. Hedge fund Oceanwood raises $2bn, to close to new investors[more]

    From Reuters.com: Europe-focused hedge fund Oceanwood Capital Management is closing its fund to new investors after its assets under management hit $2 billion (1 billion pounds) recently, a source with direct knowledge of the matter said. Oceanwood, a multi-strategy hedge fund spinout from Tudor Gro