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Rite Aid Corporation Message Board

jason3vnyo 8 posts  |  Last Activity: Sep 8, 2014 6:33 PM Member since: Jan 23, 2010
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  • NEW YORK (Reuters) - Mathew Martoma, a former portfolio manager at billionaire Steven A. Cohen's SAC Capital Advisors LP hedge fund, was sentenced on Monday to nine years in prison for engaging in what authorities called the most lucrative insider trading scheme in U.S. history.

    U.S. District Judge Paul Gardephe in New York also ordered Martoma, 40, to forfeit $9.3 million.

    Prosecutors accused Martoma of making illegal trades in pharmaceutical stocks based on tips about a clinical trial for an Alzheimer's drug. They said those trades enabled SAC to generate about $275 million of illegal gains.

    "There was nothing accidental about Mr. Martoma's conduct or the gain realized," Gardephe said. "I cannot and will not ignore that the gain is hundreds of millions of dollars more than ever seen in an insider trading prosecution."

    A federal jury convicted Martoma, who worked in SAC's CR Intrinsic Investors unit, in February of securities fraud and conspiracy.

    He had faced up to 20 years in prison under federal guidelines. Prosecutors sought a term longer than the eight years recommended by the court's probation department.

    Martoma's lawyers have promised an appeal.

    The nine-year sentence is among the longer prison terms in U.S. insider trading cases, reflecting a trend of increasingly lengthy sentences in recent years.

    In 2012, corporate lawyer Matthew Kluger was sentenced in New Jersey to 12 years in prison for trading on information from law firms about mergers.

    In 2011, Galleon Group hedge fund founder Raj Rajaratnam was sentenced in New York to 11 years in prison.

    The case against Martoma stemmed from a broad investigation of insider trading at SAC.

    Eight employees have been convicted or pleaded guilty and SAC last year agreed to pay $1.8 billion in criminal and civil settlements and plead guilty to fraud charges.

    SAC recently changed its name to Point72 Asset Management, and the Stamford, Connecticut-firm was transformed into a family office managing Cohen's fortune.

    Prosecutors said Martoma sought out confidential information from doctors involved in a clinical trial of an Alzheimer's drug being developed by Elan Corp, since acquired by Perrigo Co (PRGO.N), and Wyeth, now a unit of Pfizer Inc (PFE.N).

    Based on a tip Martoma received from Sidney Gilman, a former University of Michigan professor who chaired the drug's safety monitoring committee, SAC Capital in July 2008 began selling its $700 million position in Elan and Wyeth, prosecutors said.

    They said most of the trading occurred in accounts controlled by Cohen, who had a 20-minute phone call with Martoma after receiving information about the negative results of the study.

    Cohen has not been criminally charged.

    He still faces a U.S. Securities and Exchange Commission civil action seeking to bar him from the financial services industry for failing to supervise Martoma and Michael Steinberg, an SAC portfolio manager convicted of insider trading in a separate trial in December. Cohen has denied wrongdoing.

    The case is U.S. v. Martoma, U.S. District Court, Southern District of New York, 12-cr-00973.

    (Reporting by Nate Raymond in New York; Additional reporting by Jonathan Stempel; Editing by David Gregorio and Dan Grebler)

  • jason3vnyo jason3vnyo Sep 4, 2014 7:39 PM Flag

    FYI I started buying physical silver from Apmex average of $20/oz just began buying it last April this year. I have about 800 oz right now, you want some? LOL!

  • jason3vnyo jason3vnyo Sep 3, 2014 10:56 PM Flag

    Hahaha!!! Im new to SLV message board let me guess you are the self righteous poster here? I'm here to get usefull information but a little entertainment is also good.

  • And Stanford Hospital in California is introducing Immunotherapy that train immune system to fight cancer, I don't know how long they're have this treatment.

  • Reply to

    Shorts @ $50 not @ $1.30 Area

    by stockstep Aug 25, 2014 2:38 PM
    jason3vnyo jason3vnyo Aug 25, 2014 2:46 PM Flag

    The real shorts are not here on this message board, they just pretend they're shorts you are correct about shorting @$50 and not @$1.30. The bashers here are the one who got burn by DNDN price drop, they have no agenda they want to see this company to go banckrupt (which will never happen as long they're rack revenue). About the 600M debt, they will refinance it or the company will be bought out by big pharma once they see the Europe sales in the 1st quarter next year. Like I told Pesotrader I'm losing $70K but not worried this will go back right up, they've already cut COGS and revenue is going up what else could possibly go wrong..

  • Reply to

    Dendreon will be bought out by BP

    by jason3vnyo Aug 13, 2014 6:53 PM
    jason3vnyo jason3vnyo Aug 14, 2014 12:06 AM Flag

    They won't go bankrupt and when BP sees the result of Europe sales (1st quarter next year) they will scoop and make an offer. I'll say this will be sold after 1st quarter

  • Now that they released a statement that they won't be able to repay the 600milion debt, they will sell the company to the first buyer which has tremendous cash to absorb the 600million. Big pharma knows that Provenge will be an asset to their pipeline especially that it approved to sell Europe. It's no brainer for Dendreon to sell the company, my guess is it will be bought out around $8-$10 for the next 12 months.

  • Reply to

    Sell your shares while it to late

    by silversky7842 Jun 27, 2014 10:40 AM
    jason3vnyo jason3vnyo Jun 27, 2014 10:48 AM Flag

    ok where do I sell? nearest 7-eleven?

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