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Mathew Martoma, a former top portfolio manager at SAC Capital Advisors, pursued a “canary in a coal mine” to give him an “illegal sneak preview” of the results of a clinical Alzheimer’s drug trial, a prosecutor said Monday in closing remarks for the government’s closely watched insider trading case.
The prosecutor, Eugene Ingoglia, an assistant US attorney, told the jury that to find his canary, Martoma built up relationships with two doctors involved in the drug trial, which was run by Elan and Wyeth.
These relationships “paid off in the most dramatic way” when Martoma used the information to trade before Elan announced its negative trial results, a move that eventually led SAC to avoid losses and make profits totaling $275 million, Ingoglia said.