Ex-financier free on bail in insider trading case

AP News
Posted: Nov 26, 2012 12:20 PM
Ex-financier free on bail in insider trading case

NEW YORK (AP) — A former hedge fund portfolio manager accused of enabling a quarter of a billion dollars in profits through inside information is free on bail.

Mathew Martoma appeared in a New York court Monday for the first time and was released on $5 million bail after his 12-minute appearance before a federal magistrate judge.

Martoma was arrested last week on charges that between 2006 and 2008, he helped to engineer one of the largest inside trading frauds in history. 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.

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Martoma's lawyer, Charles Stillman, said outside court that he and his client will return to fight the case another day.