SAC's Martoma guilty of insider case

Feb 06, 2014, 5:45 PM EST
ormer hedge fund portfolio manager Mathew Martoma exits a New York federal court after being charged in one of the biggest insider trading cases in history on November 26, 2012 in New York City.
AFP/Getty Images

Mathew Martoma, a former portfolio manager at billionaire Steven A. Cohen's SAC Capital Advisors hedge fund, was found guilty on Thursday of engaging in what prosecutors called the most lucrative insider trading scheme in U.S. history. A federal jury in Manhattan found Martoma guilty on all three of the conspiracy and securities fraud charges that he faced over a scheme that allowed SAC Capital to make profits and avoid losses of $275 million. The verdict was the eighth insider trading conviction of a current or former employee at SAC Capital, a $14 billion hedge fund that has long been in federal authorities' cross-hairs.
SAC Capital's Martoma found guilty of insider trading [Reuters]
Martoma guilty of insider trading [FT]