Tuesday, 26 July 2016
Last updated 39 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.