Mathew
Martoma, a former portfolio manager at billionaire Steven A. Cohen's SAC
Capital Advisors LP hedge fund, was sentenced on Monday to nine years in prison
for engaging in what authorities called the most lucrative insider trading
scheme in U.S. history.
U.S.
District Judge Paul Gardephe in New York also ordered Martoma, 40, to forfeit
$9.3 million.
Prosecutors
accused Martoma of making illegal trades in pharmaceutical stocks based on tips
about a clinical trial for an Alzheimer's drug. They said these trades enabled
SAC to generate about
$275 million of illegal gains and avoid losses.
"There
was nothing accidental about Mr. Martoma's conduct or the gain realized,"
Gardephe said. "I cannot and will not ignore that the gain is hundreds of
millions of dollars more than ever seen in an insider trading prosecution”.
Reuters
No comments:
Post a Comment