Former SAC Capital Advisors LP portfolio manager Mathew Martoma was charged in what U.S. prosecutors called “the most lucrative insider-trading scheme ever,” netting as much as $276 million while at the hedge fund. Prosecutors in the office of U.S. Attorney Preet Bharara in Manhattan today unsealed a complaint charging Martoma with trading on illicit tips about Alzheimer’s disease drug-trial results from 2006 to 2008. Martoma is accused of arranging trades in shares of Wyeth LLC and Elan Corp., making $220 million in profits and avoiding $56 million in losses for an unnamed hedge fund. Martoma is charged with one count of conspiracy and two counts of securities. Mathew Martoma, 38, of Boca Raton, Florida, worked for CR Intrinsic Investors in Stamford, Connecticut, a unit of SAC Capital, according to a civil complaint lawsuit filed against him by the U.S. Securities and Exchange Commission. Martoma allegedly engaged in the misconduct while at CR Intrinsic, according to the SEC complaint. [Bloomberg, WSJ, Complaint]

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Comments (14)

  1. Posted by Guest | November 20, 2012 at 11:28 AM

    $276mm? Wasn't Raj"2 nabbed for only $25mm?

  2. Posted by guest | November 20, 2012 at 11:40 AM

    Yes, hence Matthew topping insider trading league tables by a mile.

  3. Posted by Sean | November 20, 2012 at 11:43 AM

    That's a lot of fleece pullovers

  4. Posted by Guest | November 20, 2012 at 11:48 AM

    Aww… come on… give Matt a break.

    – Definitely not Matt Levine

  5. Posted by Guest | November 20, 2012 at 11:50 AM

    Stevie, they gunna get you sooner or later.

    -Zugzug

  6. Posted by Guest | November 20, 2012 at 11:57 AM

    He's just compensating for only having one "t" in Mathew

  7. Posted by qwestion | November 20, 2012 at 12:19 PM

    Nobody got hurt. Let him go.

  8. Posted by Guest | November 20, 2012 at 12:26 PM

    A lawyer who sounds like a programmer will not take a big dick swinger down thats a promise…Preet Bharara cmon man.

  9. Posted by guest | November 20, 2012 at 12:36 PM

    In a time saving maneuver, the SEC has built a giant bird cage to lower on top of SAC headquarters for the inevitable day of reckoning

  10. Posted by Mom | November 20, 2012 at 1:21 PM

    Matt, what does your model say about the likely length of sentence?

  11. Posted by guest | November 20, 2012 at 1:25 PM

    Stevie, Bernie, Bernie, Stevie

  12. Posted by fittin in | November 20, 2012 at 1:28 PM

    new wsj headline suggests that stevie has been implicated… walking on water here…

  13. Posted by fittin in | November 20, 2012 at 1:31 PM

    oops… bess has already sent the alarms!

  14. Posted by Fair Play Trader | November 20, 2012 at 1:42 PM

    Uh, no.