SAC Capital ex-trader convicted of insider trading

http://www.adn.com/2014/02/06/3310284/sac-capital-ex-trader-convicted.html



Mathew Martoma, left, leaves federal court in New York City with his wife, Rosemary, Thursday, Feb. 6, 2014, after being convicted of helping his company earn more than a quarter billion dollars illegally through trades based on secrets about the testing of a potential breakthrough Alzheimer's drug. The verdict capped a three-week trial that featured testimony from two prominent doctors who confessed spilling secrets to Mathew Martoma during lucrative consultations with financiers.

SAC Capital ex-trader convicted of insider trading
By LARRY NEUMEISTER
Associated Press
February 6, 2014 Updated 6 minutes ago

NEW YORK — A former SAC Capital Advisors portfolio manager was convicted Thursday of helping the company owned by billionaire Steven A. Cohen earn more than a quarter-billion dollars illegally through trades based on secrets about the testing of a potential breakthrough Alzheimer's drug.

The verdict capped a monthlong trial that featured testimony from two prominent doctors who confessed to spilling secrets to Mathew Martoma during paid consultations in the summer of 2008.

Martoma was expressionless as the jury forewoman announced he was guilty of two counts of securities fraud and conspiracy to commit securities fraud. Tears streamed down the face of his wife, Rosemary, whose hands were folded on her yellow dress. No sentencing date was set.

When prosecutors announced the case in November 2012, they said it may be the most lucrative insider trading scheme of all time.