Martoma Pleads Not Guilty To Revised Indictment

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.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...