Mathew Martoma Sentenced to Nine Years in Prison

Connecticut Public Radio | By Diane Orson

Published September 9, 2014 at 11:18 AM EDT

Mathew Martoma, a former portfolio manager with Stamford-based SAC Capital Advisors, has been sentenced in New York to nine years in prison. He was convicted earlier this year of helping the firm earn more than $250 million illegally through insider trading.

Prosecutors say Martoma and SAC dumped millions of shares of two pharmaceutical companies after he learned in 2008 about the secret results of an Alzheimer's drug trial.

Martoma's attorney insists he made a sensible decision to sell the stocks.

Despite more than $1 billion in insider trading fines, Martoma's billionaire boss, Steven Cohen, has not been charged.

This report includes information from The Associated Press.

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Diane Orson

Diane Orson is a special correspondent with Connecticut Public. She is a reporter and contributor to National Public Radio. Her stories have been heard on Morning Edition, All Things Considered, Weekend Edition, Here and Now; and The World from PRX. She spent seven years as CT Public Radio's local host for Morning Edition.

See stories by Diane Orson

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