Former SAC Manager Martoma Pleads Not Guilty to Insider Trading
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Former SAC Capital Advisors LP portfolio manager Mathew Martoma pleaded not guilty to criminal charges in what U.S. prosecutors called the biggest insider-trading scheme in history.
Martoma, 38, entered the pleas yesterday at his arraignment in Manhattan federal court to one count of conspiracy and two counts of securities fraud. Prosecutors say he used inside information about a clinical drug trial to help SAC make $276 million in profits and averted losses through trades in Elan Corp. and Wyeth LLC.