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SAC Capital ex-trader convicted of insider trading
Question of the Day
Assistant U.S. Attorney Arlo Devlin-Brown told the jury that after the doctor showed Martoma the test results in one of 43 consultations the pair had, Martoma sent Cohen an early morning email asking: “Is there a good time to catch up with you this morning? It’s important.” A half-hour later, they spoke for 20 minutes on the phone.
The next day, Devlin-Brown said, Martoma and SAC Capital began selling all their shares in Elan and Wyeth and building a short position that would make millions of dollars when the stocks of both companies plummeted following the public announcement of the drug trial’s results. The government said the trades on both ends earned $275 million in profits, enough to score a $9.3 million bonus for Martoma.
“Ladies and gentlemen, Mr. Martoma, though all of this circumstantial evidence, has been caught with his hand deep inside the cookie jar, and defense counsel wants you to think that maybe he was just putting the cookie back,” Devlin-Brown said in his closing.
Strassberg told jurors the 81-year-old Gilman’s “story at its heart makes no sense” because his memory was flawed when he met with Martoma in 2008 while he was undergoing chemotherapy for successful cancer treatments.
Another doctor, Joel Ross, testified he also gave Martoma secrets about the Alzheimer’s drug test.
In a statement after the verdict, FBI Assistant Director George Venizelos said a “competitive advantage gained through superior research and analysis is one thing. Cheating is another matter altogether.”
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