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Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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New Claims Against SAC's Mathew Martoma

Aug 25, 2013
Jing Chen

U.S. prosecutors filed a revised indictment in the insider trading case against former SAC Capital Advisors Mathew Martoma on Thursday.

Reuters reported that prosecutors now allege that Martoma received confidential information from an undisclosed second doctor, described as a “co-conspirator.” The “co-conspirator” had expectations that “Martoma would assist in obtaining additional clinical trial business.”

Martoma was charged by federal authorities last November for allegedly making over $250 million for SAC Capital using insider information he received regarding an Alzheimer disease drug trial.

The new filing also stated that Martoma e-mailed a networking firm a list of 20 doctors who were serving as investigators in the Alzheimer's drug trial and asked to meet with them, suggesting that he methodically hunt for inside sources.

Martoma has pleaded not guilty to the new charges.

Both Connecticut-based SAC its founder Steve Cohen have been charged with various counts of insider trading. The firm manages about $15 billion in assets.

 

 

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