{"id":43911,"date":"2014-09-09T08:04:26","date_gmt":"2014-09-09T12:04:26","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=43911"},"modified":"2014-09-09T08:21:01","modified_gmt":"2014-09-09T12:21:01","slug":"hedge-fund-trader-mathew-martoma-gets-9-years-behind-bars","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/09\/2014\/hedge-fund-trader-mathew-martoma-gets-9-years-behind-bars.html","title":{"rendered":"Hedge Fund Trader Mathew Martoma Gets 9 Years Behind Bars"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/01\/Mathew+Martoma+Former+SAC+Capital+Manager+2SCJivfyh5Zl.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-39872\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/01\/Mathew+Martoma+Former+SAC+Capital+Manager+2SCJivfyh5Zl.jpg\" alt=\"Mathew+Martoma+Former+SAC+Capital+Manager+2SCJivfyh5Zl\" width=\"237\" height=\"316\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2014\/01\/Mathew+Martoma+Former+SAC+Capital+Manager+2SCJivfyh5Zl.jpg 295w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2014\/01\/Mathew+Martoma+Former+SAC+Capital+Manager+2SCJivfyh5Zl-225x300.jpg 225w\" sizes=\"auto, (max-width: 237px) 100vw, 237px\" \/><\/a><\/p>\n<p>New York (HedgeCo.Net) &#8211; Former SAC Capital trader Mathew Martoma has been\u00a0sentenced to nine years in prison for his part in a scheme involving\u00a0an Alzheimer\u2019s Disease drug trial to make his hedge fund approximately $276 million.<\/p>\n<p>\u201cI cannot and will not ignore that the gain is hundreds of millions of dollars more than ever seen in an insider trading prosecution.\u201d New York\u00a0Judge Gardephe said during the sentencing Monday. The judge also ordered that Martoma forfeit\u00a0$9.3 million, which was a bonus he received for his actions at the time.<\/p>\n<p>Martoma was found guilty in February of this year of insider trading in what is being called the most\u00a0lucrative hedge fund insider trading cases ever prosecuted.<\/p>\n<p>&#8220;As the jury unanimously found, Mathew Martoma cultivated and purchased the confidence of doctors with secret knowledge of an experimental Alzheimer&#8217;s drug, and used it to engage in illegal insider trading.&#8221; Preet Bharara said in a statement following the conviction in Febuary.<\/p>\n<p>&#8220;Today\u2019s sentence of a lengthy prison term is well-suited to the audacity of the illegal trading in this case. The long and short of Mathew Martoma\u2019s trading is that he traded his liberty, his name and his time with his family for what in the end is nothing,&#8221; Bharara said yesterfay.<\/p>\n<p>Martoma, a former portfolio manager for a division of a group of SAC-affiliated hedge funds,\u00a0allegedly used inside information that he received from a doctor who served as an adviser to Elan Corporation PLC on the clinical trial of an Alzheimer\u2019s Disease drug to make profits and avoid losses for the hedge fund. Martoma and his then-employer, SAC Capital Advisors, liquidated holdings in two companies after receiving insider information, the prosecution said.<\/p>\n<p>Martoma was arrested at his home in Boca Raton, Florida, and made an initial appearance in federal court in West Palm Beach, Florida.<\/p>\n<p>Alex Akesson<br \/>\nEditor for\u00a0<a style=\"color: #743399;\" title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a><br \/>\n<a style=\"color: #743399;\" href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.Net<\/a>\u00a0is a premier\u00a0<a style=\"color: #743399;\" title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a style=\"color: #743399;\" title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\">Hedge Funds<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; Former SAC Capital trader Mathew Martoma has been\u00a0sentenced to nine years in prison for his part in a scheme involving\u00a0an Alzheimer\u2019s Disease drug trial to make his hedge fund approximately $276 million. \u201cI cannot and will [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,3],"tags":[],"class_list":["post-43911","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/43911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=43911"}],"version-history":[{"count":3,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/43911\/revisions"}],"predecessor-version":[{"id":43918,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/43911\/revisions\/43918"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=43911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=43911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=43911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}