A former hedge fund portfolio manager was released on $5 million bail after appearing in a Manhattan court Monday to face accusations in one of the largest insider trading fraud cases in history.
Mathew Martoma, 38, of Boca Raton, Fla., was arrested last week on charges that between 2006-2008, he shared confidential information about an experimental Alzheimer’s drug, enabling more than $276 million to be made illegally for his fund and others. Martoma worked with CR Intrinsic Investors, an affiliate of SAC Capital Advisors. SAC is owned by Steven A. Cohen, one of the world’s richest men. Martoma is the fourth person associated with SAC arrested on insider trading charges in the last four years.