Doctor Says Info Martoma Had Wasn't Secret

Jan 31 2014 | 12:42pm ET

Former SAC Capital Advisors portfolio manager Mathew Martoma's defense against insider trading charges closed with the claim that the information he allegedly traded on wasn't insider at all.

Thomas Wisniewski, a medical professor at New York University, testified yesterday that a PowerPoint presentation sent by the government's star witness to Martoma contained the same information, by and large, as an earlier press release about the Alzheimer's drug trial in question. That would mean Martoma did nothing wrong if he had traded on the information he received from Sidney Gilman, a doctor overseeing the trial.

Gilman said he sent Martoma his presentation a week before the data it contained was made public.

Martoma is accused of earning or saving SAC $276 million trading shares of the pharmaceutical companies that developed the drug, Elan Corp. and Wyeth LLC. If convicted, he faces decades in prison.

Under cross-examination, Wisniewski said his analysis was only his personal opinion, and not undisputed medical fact.

Martoma's legal team rested yesterday, setting the stage for closing arguments to begin on Monday.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR