U-M probing actions of prof in insider trade case

Associated Press Modified: November 21, 2012 at 8:31 pm •  Published: November 21, 2012
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ANN ARBOR, Mich. (AP) — The University of Michigan says it's investigating the role of one of its senior medical school faculty members in a $276 million insider trading case.

Federal investigators say Dr. Sidney Gilman was involved with ex-hedge fund manager Mathew Martoma, who's accused of getting secret, advance results of tests on an experimental Alzheimer's drug.

Martoma was arrested Tuesday on charges filed in New York federal court.

The 80-year-old Gilman is a neurology professor and chaired a safety committee overseeing trials of the drug.

Gilman lawyer Marc Mukasey said his client is cooperating with investigators and has a non-prosecution agreement with prosecutors.

The university says in a statement that it takes the situation "very seriously" and is "carefully reviewing all of Dr. Gilman's activities" at the Ann Arbor school.