Wednesday, 25 May 2016
Last updated 8 hours ago
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.