Prosecutor Presents Case In Insider Trading Trial
NEW YORK (AP) — A prosecutor says an avalanche of evidence at the New York trial of a former SAC Capital Advisors hedge fund portfolio manager proves he is guilty of insider trading.
Assistant U.S. Attorney Eugene Ingoglia (ihng-NOH’-lee-uh) delivered a closing argument Monday at the trial of Mathew Martoma.
The prosecutor says Martoma corrupted doctors to divulge secret information about the testing of what investors hoped would be a breakthrough Alzheimer’s drug. He says Martoma learned results nearly two weeks before they were publicly announced in July 2008, giving SAC a total of $275 million in combined profits and avoided losses.
Martoma has pleaded not guilty. The Boca Raton, Fla., resident remains free on bail.
The Stamford, Conn.-based company has pleaded guilty to fraud charges and agreed to pay $1.8 billion.
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