A divided federal appeals court on Wednesday upheld the insider trading conviction of Mathew Martoma, a former portfolio manager for billionaire Steven A. Cohen's SAC Capital Advisors LP, after the U.S. Supreme Court made such cases easier to pursue.
Reuters reports that The 2nd U.S. Circuit Court of Appeals in Manhattan found "overwhelming" evidence that a Michigan doctor received financial benefits from providing confidential information to Martoma about a 2008 Alzheimer's drug trial.
Martoma, 43, who worked at SAC's CR Intrinsic Investors unit, was convicted in February 2014 of making $275 million of illegal gains in Elan Corp and Wyeth based on tips from the doctor. He is serving a nine-year prison sentence.
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