Tuesday, November 20, 2012

More Wall Street fraud

"Federal officials on Tuesday charged a former hedge fund portfolio manager and his firm with participating in a $276 million insider trading scheme, which they said was the largest insider trading case ever brought by the Securities and Exchange Commission.

The office of U.S. Attorney for the Southern District of New York Preet Bharara charged Mathew Martoma with selling and shorting shares of the drug companies Elan and Wyeth, based on inside information from drug trials that had not been publicized. The scheme benefited Martoma's hedge fund by $276 million, according to court documents"

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