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Bailey McCann, Opalesque New York:

A Manhattan jury convicted former SAC Capital Advisors portfolio manager Mathew ­Martoma on Thursday for a massive insider trading scheme. The news gives some finality to at least one of the insider trading stories that have emerged from SAC Capital over the last year. SAC had been under investigation by federal officials for a number of years without a clear cut case. The Martoma affair was in many ways the big push the feds needed to unravel SAC as the investigation tangentially linked Steve Cohen the head of SAC to insider trading. The jury deliberated for two days before coming to its verdict, which could put Mr. Martoma in jail.

So far, Martoma hasn't directly implicated Mr. Cohen in the case. However, according to a lawyer who spoke with the Washington Post, he may well turn on his former boss if it means he ends up with a better deal in the end. The conviction could create other problems for Mr. Cohen as well, he currently faces charges for failure to supervise Martoma adequately. Now that he has been convicted, that conviction will help the SEC make that case against Cohen.

SAC Capital last year agreed to pay $1.8bn in criminal and civil settlements and plead guilty to fraud charges stemming from insider trading by its employees.

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