Mathew Martoma, a former portfolio manager convicted of helping SAC Capital Advisors earn more than a quarter-billion dollars illegally through insider trading, was handed a nine-year prison sentence in New York on Monday.
Martoma, of Boca Raton, Fla, was sentenced by Southern District Judge Paul G. Gardephe (See Profile). Prosecutors with the Southern District U.S. Attorney’s office said Martoma and Stamford, Conn.-based SAC dumped millions of shares of two pharmaceutical companies, Elan and Wyeth, after Martoma learned in 2008 about the secret results of an Alzheimer’s drug trial.
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