NY court date Mon. in massive insider trading case

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Associated Press

Posted on November 26, 2012 at 8:00 AM

Updated Monday, Nov 26 at 8:01 AM

NEW YORK (AP) — A former hedge fund portfolio manager charged in one of history's biggest insider trading cases is set to appear in a New York federal court.

Mathew Martoma's court date Monday is largely procedural, though there could be some discussion of the $5 million bail set for him last week in Florida. He was arrested there in the New York-based case.

The Manhattan U.S. attorney's office says Martoma connived to get secret, advance results from tests of an Alzheimer's disease drug. Prosecutors say Martoma used the information to make more than $276 million for CR Intrinsic Investors LLC and other funds.

They say it may be the most lucrative U.S. insider trading scheme ever.

Defense lawyer Charles Stillman says Martoma just worked hard and went after public information.

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