Ex-SAC Manager Martoma’s Defense Rests in Insider Trial
This article is for subscribers only.
Former SAC Capital Advisors LP fund manager Mathew Martoma’s defense ended yesterday after his lawyers sought to convince jurors that the inside information he’s accused of trading on wasn’t actually secret.
Martoma, 39, is on trial in Manhattan federal court accused of using illegal tips from two doctors who were supervising parts of a clinical drug trial. Prosecutors claim Martoma learned detailed testing results for bapineuzumab, an Alzheimer’s disease drug under development by Elan Corp. and Wyeth, and made $275 million for the firm in illegal profits and losses avoided. The trial is in its fourth week.