SAC’s Martoma found guilty of insider trading
FORMER SAC Capital Advisors portfolio manager Mathew Martoma was found guilty yesterday of engaging in what prosecutors called the most lucrative insider trading scheme in US history.
A jury in New York found Martoma guilty on all three of the conspiracy and securities fraud charges that he faced, over a scheme that allowed SAC Capital to make profits and avoid losses of $275m (£168.4m).
“We are very disappointed and we plan to appeal,” Richard Strassberg, Martoma’s lawyer, said through a spokesman.
The verdict was the eighth insider trading conviction of a current or former employee at SAC Capital, a $14bn hedge fund that has long been in the cross-hairs of the FBI and the US Attorney in Manhattan.
SAC Capital last year agreed to pay $1.8bn in criminal and civil settlements and plead guilty to fraud charges stemming from insider trading.