Former SAC Capital Advisors portfolio manager Mathew Martoma will be charged today in what is "believed to be the most lucrative insider trading scheme ever," according to a notice from the SEC.
According to the SEC and the DOJ's complaints, Martoma, who worked at CR Intrinsic (a unit of SAC), allegedly got access to negative confidential drug trial information for pharmaceutical companies, Elan Corporation and Wyeth. The hedge fund was then able to sell off its positions and short those stocks, the complaints alleged.
The Elan trade paid of big off big time when it came to Martoma's bonus in 2008, the complaint said.
However, he didn't do so hot in 2009 and 2010 and an investment adviser at SAC called him a "one trick pony with Elan" in an email saying he should be fired.
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