Ex-hedge fund manager charged in $276M ploy
NEW YORK | A former hedge fund portfolio manager was arrested Tuesday on charges that he helped deliver what a prosecutor said “what might be the most lucrative inside tip of all time,” enabling investment advisers and their hedge funds to make more than $276 million in illegal profits.
Mathew Martoma was charged in U.S. District Court in Manhattan with using confidential information about an Alzheimer’s disease drug trial to help his firm avoid losses and instead reap a hefty profit in a scheme that stretched from 2006 through July 2008 while he worked for CR Intrinsic Investors LLC of Stamford, Conn.
He is charged with conspiracy to commit securities fraud and two counts of securities fraud.
J.C. Penney ratings knocked one step lower
Moody's lowered the department store chain’s corporate family and probability of default ratings to “B3” from “Ba3.” The outlook is “negative.”
Moody’s says the downgrades reflect its expectation that Penney’s fourth-quarter profitability will take a big hit as a result of the need to clear excess inventory.
Credit Suisse sued over mortgage securities
ALBANY, N.Y. — New York state is suing Credit Suisse Securities and affiliates, claiming they misled investors about the care taken in evaluating their residential mortgage-backed securities.
The suit filed Tuesday in Manhattan under New York’s Martin Act says Credit Suisse deceived investors before the 2008 market collapse.View Entire Story
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