Former Hedge Fund Portfolio Manager Charged for $276M Alzheimer's Drug Trial Insider Trading Scheme

Former Hedge Fund Portfolio Manager Charged for $276M Alzheimer's Drug Trial Insider Trading Scheme

New York, NY -- U.S. Attorney Preet Bharara and FBI Special Agent-in-Charge April Brooks announce insider trading charges against Mathew Martoma, a former portfolio manager for a division of a group of affiliated hedge funds. Martoma allegedly used material, non-public information that he received from a doctor who served as an adviser to Elan Corporation, PLC on the clinical trial of an Alzheimer's Disease drug, to make profits and avoid losses for his former employer in an amount totaling approximately $276 million. The alleged scheme is the most lucrative insider trading scheme ever charged. SEC Director of Enforcement Robert Khuzami also announced civil charges against Martoma.