US prosecutors have charged a former portfolio manager at SAC Capital, one of Wall Street’s most powerful hedge funds, over an insider-trading scheme that prosecutors are calling the most lucrative case of its kind.
Mathew Martoma, a trader at an SAC-owned fund, was arrested at his Florida home on Tuesday and charged with an insider-trading scheme that allegedly generated $276m in profits. Mr Martoma was accused of trading shares in two pharmaceutical firms, Elan and Wyeth, after being briefed by a doctor overseeing a secret clinical drug trial.
The Securities and Exchange Commission also filed civil charges against Mr Martoma, Sidney Gilman, the doctor overseeing trials of an Alzheimer drug, and the SAC fund, CR Intrinsic.
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