U.S. appeals court upholds insider trading conviction of SAC's Martoma
A divided federal appeals court on Wednesday upheld the insider trading conviction of Mathew Martoma, a former SAC Capital Advisors LP portfolio manager, rejecting his claims that there was inadequate evidence of guilt and that the jury instructions were defective.
Martoma, who worked at SAC`s CR Intrinsic Investors unit, was convicted of receiving confidential tips from a Michigan doctor in 2008 about an Alzheimer`s drug trial, and that he received $275 million of illegal gains from trades.
Wednesday`s 2-1 decision followed rearguments in May, after a U.S. Supreme Court decision the previous December made it easier to prosecute insider trading cases.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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