Sections
Shortcuts
Business

Former SAC trader is found guilty of insider trading

Former SAC portfolio manager Mathew Martoma, with his wife, Rosemary, faces a seven- to 10-year prison sentence.
Former SAC portfolio manager Mathew Martoma, with his wife, Rosemary, faces a seven- to 10-year prison sentence.Eduardo Munoz/Reuters

This is a summary. To read the whole story subscribe to BostonGlobe.com

NEW YORK — A federal jury in Manhattan on Thursday convicted Mathew Martoma on insider trading charges in what may be the last criminal case to emerge from a decade-long investigation of Steven A. Cohen and his SAC Capital Advisors hedge fund.

The jury of seven women and five men found Martoma, a former SAC portfolio manager, guilty of seeking out confidential information related to a clinical trial for an experimental Alzheimer’s drug. The inside information — provided mainly by a doctor familiar with the results of the clinical trial who was the government’s main witness — helped SAC avoid losses and generate profits totaling $275 million in July 2008.

The 39-year-old former trader, who is married and has three young children, is expected to face a prison sentence of seven to 10 years.

Full story for BostonGlobe.com subscribers.

Get the full story with unlimited access to BostonGlobe.com.

Just 99 cents for four weeks.

Sections
Shortcuts

Share