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Former SAC portfolio manager Martoma indicted

Published on NewsOK Modified: December 21, 2012 at 5:16 pm •  Published: December 21, 2012

The trades allegedly helped SAC gain profits and avoid losses to totaling $276 million. Martoma got a bonus of $9.3 million as a result of the illegal scheme, according to the indictment.

The indictment follows an earlier criminal complaint that federal prosecutors filed in November.

"Though disappointing, today's events come as no surprise," Martoma's lawyer Charles Stillman said in a statement. "The simple fact is that Mathew Martoma did not trade on inside information, is innocent of all these charges, and we look forward to his ultimate vindication."