Arab Today, arab today sec gets record insidertrading settlement
Last Updated : GMT 03:09:29
Arab Today, arab today
Arab Today, arab today

SEC gets record insider-trading settlement

Arab Today, arab today

Arab Today, arab today SEC gets record insider-trading settlement

Washington - UPI

CR Intrinsic Investors in Stamford, Conn., agreed to pay a record $601 million to settle insider trading charges, the Securities and Exchange Commission said. Last November, the SEC charged CR Intrinsic participated in an insider trading scheme involving a clinical trial for an Alzheimer\'s drug jointly developed by two drug companies. The SEC alleged in 2008 Mathew Martoma, one of CR Intrinsic\'s portfolio managers, illegally obtained confidential details about the clinical trial from Dr. Sidney Gilman, selected by the drug giants Elan Corp. and Wyeth to present the final drug trial results to the public in July of that year. The settlement filed Friday in federal court in New York requires CR Intrinsic -- an affiliate of S.A.C. Capital -- to pay $274,972,541 in disgorgement, $51,802,381.22 in prejudgment interest and $274,972,541 as a penalty. \"The historic monetary sanctions against CR Intrinsic and its affiliates are sharp warning that the SEC will hold hedge fund advisory firms and their funds accountable when employees break the law to benefit the firm,\" said George S. Canellos, acting director of the SEC\'s enforcement division. In an amended complaint filed Friday, the SEC added S.A.C. Capital and four hedge funds managed by CR Intrinsic and S.A.C. Capital as relief defendants, saying they made money and avoided losses because of the insider trading. The settlement is subject to the approval of U.S. District Judge Victor Marrero in New York. The SEC said the settling parties neither admit nor deny the charges and the settlement doesn\'t resolve charges against Martoma, whose case is being litigated.

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