A former hedge fund portfolio manager charged with carrying out a record-setting insider trading scheme pleaded not guilty to insider trading charges yesterday as the prosecution hinted that he would not be the last person arrested in the case. Mathew Martoma, 38, of Boca Raton, Fla., persuaded a medical professor to leak secret data from an Alzheimer’s disease drug trial between 2006 and 2008 when Martoma did work for an expert consulting service in New York, prosecutors said. The government said inside information Martoma learned about the joint drug trial by pharmaceutical companies Elan Corp. and Wyeth enabled others to make $250 million illegally.
Martoma, who is accused of earning $9 million in bonuses for the year when the trades were made, pleaded not guilty before Southern District Judge Paul Gardephe (See Profile) to a single count of conspiracy and two counts of securities fraud.
