BOSTON/NEW YORK (Reuters) – The fallout from the latest insider trading case against a former SAC Capital Group employee could reverberate throughout Steven A. Cohen’s $14 billion (8 billion pounds) hedge fund and impact the billionaire trader himself even though he has not been charged with any wrongdoing.
U.S. securities regulators, in charging former SAC Capital employee Mathew Martoma with insider trading, are also seeking to force the division where he worked to disgorge $276 million (172 million pounds) that was the result of the illicit trades.
NEW YORK (Reuters) – U.S. prosecutors on Tuesday charged a former SAC Capital employee with insider trading in a series of transactions that hedge fund titan Steven A. Cohen had personally signed off on.
In what they called “the most lucrative” insider-trading scheme ever, prosecutors alleged that Mathew Martoma helped Cohen’s firm avoid losses and reap profits totaling $276 million in the summer of 2008 by using insider tips he got from a doctor about Elan Corp and Wyeth LLC.
NEW YORK, Nov 20 (Reuters) – A former hedge fund manager who
worked for a fund affiliated with Steven A. Cohen’s SAC Capital
was arrested on Tuesday in what U.S. prosecutors are calling
“the most lucrative insider-trading scheme ever.”
Mathew Martoma, who worked for CR Intrinsic Investors in
Stamford, a unit of SAC Capital, has been accused of making more
than $276 million in illicit profits based on tips about Elan
Corp and Wyeth LLC, which was bought by Pfizer
in late 2009.
NEW YORK (Reuters) – A former hedge fund manager who worked for a fund affiliated with SAC Capital was arrested on Tuesday in what U.S. prosecutors say could be the most lucrative insider trading scheme ever charged.
Mathew Martoma, who worked for CR Intrinsic Investors, a unit of SAC Capital, has been accused of making more than $250 million in illicit profits based on tips about Elan Corp and Wyeth, which was bought by Pfizer in late 2009.
NEW YORK (Reuters) – New Jersey’s U.S. prosecutor’s office is picking up more insider trading cases, edging into territory that has historically been dominated by the federal prosecutors in New York City.
The most recent case was unveiled on Monday when prosecutors in Newark announced charges against six people – three of whom were friends from high school – for their alleged roles in an insider-trading ring. The six have been charged for passing tips to each other about healthcare companies which generated $1.4 million in illegal profits.
NEW YORK (Reuters) – Last summer it was packed with beachgoers, a parking lot where New Yorkers stashed their cars, applied sunscreen and dragged lawn chairs, coolers and umbrellas across the blacktop toward the shore.
Today it’s an enormous waste collection site half a mile long and a quarter-mile wide, piled high with debris from the flooding caused by storm Sandy.
NEW YORK, Nov 3 (Reuters) – The lower Manhattan skyline lit
up early Saturday morning for the first time since superstorm
Sandy slammed into the U.S. Northeast while thousands of storm
victims in New Jersey and elsewhere remained in the dark and
awaiting disaster relief.
The power restoration came as gasoline supplies headed to
coastal zones devastated by the record storm surge and to
motorists whose patience has been tested by gasoline rationing
during the painstaking effort to rebuild.
NEW YORK, Nov 3 (Reuters) – While power returned to much of
Manhattan and fuel supplies were headed for the disaster zone,
residents of some of the hardest-hit areas faced a long wait for
electricity and help after superstorm Sandy’s devastating strike
on the U.S. Northeast.
With the U.S. presidential election just three days away, at
least 3.5 million homes and businesses remained without power in
a region choked with storm debris and long gas lines reminiscent
of the 1970s-era U.S. fuel shortage. Angry residents wondered
when their lives would return to normal.
NEW YORK, Nov 2 (Reuters) – As electricity returns to Lower
Manhattan in the wake of Sandy, residents in some of the
neighborhoods of New York City hardest hit by the giant storm
are complaining that their plight is being overlooked.
In many outlying areas of the city, thousands of people are
going to have to wait up to nine days, and in some cases even
longer, for electricity to be restored to their homes. Some have
lost their houses altogether to floods or fire and others are
dealing with heavy water damage. The lines at the few gas
stations that have fuel to sell stretch around the block and
security is an increasing concern.
NEW YORK (Reuters) – Frustration grew for superstorm Sandy’s victims in the U.S. Northeast on Friday, many of whom were left with no power, no gasoline and little information about when their shattered lives might return to normal.
While Manhattan prepared to host the annual New York City Marathon on Sunday, acute gasoline shortages in the city’s storm-battered outer boroughs and New Jersey led to long lines and short tempers.