Friday, 19 September 2014
Last updated 54 min ago
Nov 30 2012 | 12:22pm ET
The neurologist who allegedly served as former SAC Capital Advisors portfolio manager Mathew Martoma's inside source has resigned from his faculty post at the University of Michigan.
Sidney Gilman quit on Nov. 27, the University of Michigan Medical School said. Gilman, 80, has been at Ann Arbor since 1977 and led the Medical School's neurology department from then until 2004 and was chief of the university hospital's neurology practice, as well. Until this week, he remained a professor at the school, a practicing neurologist and director of the Michigan Alzheimer's Disease Research Center.
Gilman has already struck a deal with authorities, agreeing to repay nearly $186,781 he received from the expert-networking firm that connected him to SAC and his fees for consulting on Alzheimer's drug tests for Elan Corp. and Wyeth LLC. He will not be prosecuted and is cooperating with the authorities.
Gilman admitted that he passed confidential information about the drug tests to Martoma from 2006 through 2008, allowing Martoma to make trades in Elan and Wyeth that earned or saved SAC a total of $276 million. Gilman was chairman of the safety-monitoring committee overseeing the drug trials.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.