Here Comes The Verdict In The Insider Trading Case Against Mathew Martoma...
It should be read any moment now.
The jury for Martoma's case was made up of seven women and five men. Jurors included an NYU professor and an AIG underwriter.
So far, U.S. Attorney Preet Bharara a track record for insider trading convictions of 78-0.
In November 2012, Martoma-who worked at SAC subsidiary CR Intrinsic Investors- was charged in what is believed to be "the most lucrative" insider trading scheme in history.
Prosecutors alleged that Matroma used negative confidential drug trial info in pharmaceutical companies, Elan Corporation and Wyeth, between the summer 2006 and mid-July 2008. The fund was then able to exit those positions and short those stocks avoiding losses of $276 million, prosecutors alleged.
SAC Capital, Stamford, Conn.-based hedge fund run by Steve Cohen, was criminally indicted last summer on insider trading charges. Federal prosecutors charged the fund "with criminal responsibility for insider trading offenses committed by numerous employees and made possible by institutional practices that encouraged the widespread solicitation and use of illegal inside information."
Last November, SAC pleaded guilty to criminal insider trading charges and agreed to pay a $1.8 billion fine.
The fund is currently in the process of finalizing its new corporate structure and picking a new name. SAC Capital will no longer manage outside capital and will operate as a family office fund.