Former SAC Capital Trader Mathew Martoma Charged with insider Trading by SEC
Earlier, CNBC reported that Mathew Martoma had been arrested by the FBI on allegations of running an insider trading scheme.
Reportedly, Martoma made some $276 million off the scheme -- perhaps the most profitable insider trading scheme ever.
According to Reuters, Martoma had previously worked for an affiliate of Steve Cohen's SAC Capital. This wouldn't be the first time an SAC Capital employee has been charged with insider trading: Jon Horvath, a tech analyst at SAC, pleaded guilty to insider trading back in September.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.