More than a month after his arrest, former SAC Capital
Advisors portfolio manager Mathew Martoma has been formally indicted, finalternatives reports.
Martoma was indicted on securities fraud and conspiracy
charges on Dec. 21, the Friday before Christmas. Prosecutors say he earned SAC
$276 million in the "most lucrative" insider-trading scheme in
history, trading on confidential information about Alzheimer's disease drug
trials.
Martoma was arrested on Nov. 20 and originally charged in a
criminal complaint, as the government reportedly sought his cooperation, as it
has won the cooperation of his alleged source. Prosecutors reportedly want
Martoma's help in building a case against SAC founder Steven Cohen; the case
against Martoma is the first to refer specifically, if obliquely, to Cohen.
But the indictment was seen by some as a sign that Martoma
is continuing to reject a deal with the government. He faces up to 20 years in
prison if convicted.
Read all about it at http://www.finalternatives.com/node/22466
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