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]
- 27 Nov 2013 at 1:30 PM
The holiday season is nigh and you still haven’t shopped. While you’re dreaming only of sugar plum fairies bearing fat bonuses, you don’t the time to mingle with the riff raff at some big box nightmare. Dealbreaker is here to help. Behold the 2013 Dealbreaker Holiday Gift Guide, chockfull of descriptors like “custom,” “gourmet,” “housecleaning,” and “DB swag.”
Click through to check out all of our gift choices for the hardcore capitalist in your life.
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