The SEC said Friday it has reached a settlement on insider trading charges with CR Intrinsic, an affiliate of billionaire Steve Cohen‘s hedge fund firm.
At just over $600 million it marks the agency’s largest ever insider trading settlement. Trader Mathew Martoma, who still faces criminal charges, has been accused of getting tipped off on clinical trial results for an Alzheimer’s drug from Elan Pharmaceuticals and reaping a massive windfall for himself and SAC.
