Former hedge fund manager Mathew Martoma will be charged
today in what is "believed to be the most lucrative insider trading scheme
ever," according to a notice from the Securities and Exchange Commission.
Martoma was employed at a portfolio manager at CR Intrinsic
Investors in Stamford, which is a unit of SAC Capital Advisors, the SEC and the
Department of Justice's complaints said.
The complaints allege that the insider trading scheme
involved information in pharmaceutical companies, Elan Corporation and Wyeth,
between the summer 2006 and mid-July 2008.
The DOJ's complaint alleges that Martoma got access to
negative confidential Alzheimer's disease drug trial information, which caused
the hedge fund to dump its 10.5 million share position in Elan and 7 million
shares in Wyeth. The hedge fund then
shorted those stocks…..
P.S. In spite of the SAC Capital connection, observant Weird readers will note that somehow this man's name has not been mentioned....yet. Stay tuned sports fans.........
P.S. In spite of the SAC Capital connection, observant Weird readers will note that somehow this man's name has not been mentioned....yet. Stay tuned sports fans.........
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