Ex-SAC fund manager found guilty of insider trading

Ruling could strengthen civil case against SAC founder

SAC Capital Advisers LP has been flagged as a hotbed for illicit trading practices, and on Feb. 7 prosecutors found yet another ex-SAC employee guilty of violating trading regulations. Matthew Martoma was found guilty in what prosecutors say is one of the largest insider-trading schemes of all time. Martoma is the eighth ex-SAC employ to receive a sentence.

Martoma was convicted for his involvement in illegal trades -- said to be worth a total of $275 million -- related to two pharmaceutical companies. Based on the laws violated, Martoma could face up to 45 years in prison, though he is likely to do considerably less time. Michael Steinberg, another ex-SAC worker, was also convicted of wrongdoing in relation to those trades.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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