Sunday, 25 September 2016
Last updated 1 day ago
Feb 10 2014 | 10:45am ET
Former SAC Capital Advisors trader Mathew Martoma will be sentenced on June 10, following his conviction last week on insider-trading charges.
The former portfolio manager faces up to 45 years in prison, but is expected to get between seven and 10 years for what prosecutors called the "most lucrative" insider-trading scheme in history, one that earned or saved SAC $276 million. The longest insider-trading sentence in U.S. history is 12 years.
Martoma was found guilty of securities fraud and conspiracy on Thursday, after a four-week trial. Prosecutors said he tapped two doctors for confidential information about an Alzheimer's drug trial, using the tips to trade two pharmaceutical companies.
Martoma remains free on $5 million bond until his sentencing.