Ex-SAC Portfolio Manager Martoma Gets New Bail Terms
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Former SAC Capital Advisors LP portfolio manager Mathew Martoma, charged in what prosecutors called the biggest-ever insider trading case, had the terms of his bail modified and will be allowed to remain free after appearing in Manhattan federal court for the first time.
Martoma, 38, is accused of using illegal tips about a clinical trial of an Alzheimer’s disease drug to help SAC, the hedge-fund founded by Steven A. Cohen, make $276 million on shares of Elan Corp. and Wyeth LLC. He was arrested at his Boca Raton, Florida, home Nov. 20 and freed on $5 million bond after a hearing there. He faces the possibility of decades in prison if convicted of the charges against him.