Tuesday, 27 January 2015
Last updated 14 hours ago
Aug 26 2013 | 10:33am ET
Former SAC Capital Advisors portfolio manager Mathew Martoma has pleaded not guilty—again—to insider-trading charges.
Martoma was responding to a new indictment against him when he appeared in Manhattan federal court on Friday. The revised charges allege that Martoma sought confidential information about pharmaceutical trials from 20 doctors and got it from at least two, using the tips to earn SAC hundreds of millions of dollars.
The allegations against Martoma are also at the center of the criminal case against SAC itself. Prosecutors may be turning up the heat on Martoma in an effort to win his cooperation in that case, cooperation which he has so far declined to offer.
One of Martoma’s sources, former University of Michigan medical professor Sidney Gilman, has admitted tipping Martoma and is cooperating with prosecutors.
In the superseding indictment, prosecutors said they planned to seek forfeitures of between $9.3 million and $13.7 million from Martoma.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…