Insider Trading Bust: Most Lucrative Tip in US History?
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Hemera/Thinkstock(NEW YORK) — Federal authorities are calling it the richest insider trading scheme in American history.
They’ve brought charges against Mathew Martoma, a former hedge fund manager who allegedly spent two years trading secrets with a doctor involved in an Alzheimer’s disease drug trial.
Prosecutors said the doctor gave Martoma non-public information about the drug’s test results that Martoma used to buy and then dump shares of drug makers Wyeth and Elan.
One prosecutor says it might be the most lucrative inside tip of all time, illegally profiting to the tune of a quarter of a billion dollars.
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