Expert 'too ashamed' to tell truth about insider trading

Last updated 10:14 22/01/2014

Relevant offers

World

Trump will argue he is immune from lawsuits until he leaves office CNN buys failsafe NZ-made drones for news gathering The rise and fall of a British billionaire lion, Sir Anthony O'Reilly The Red Bull heir accused of a fatal hit-and-run who is still living a jet-set life Chinese carmaker Chery claims Mercedes-Benz is impinging on its trademark Is Uber's self-driving program veering off track? Who would gain from a Trump border wall? Hint: Not Mexico Don't expect one belt, one road to fix infrastructure: NZ China Council Queensland mines, ports brace as Cyclone Debbie nears 'Fearless Girl' statue can keep staring down Wall Street's bull until 2018

An Alzheimer's expert says he was too ashamed to be truthful when the FBI confronted him with claims he fed inside information to a hedge fund manager.

Sidney Gilman described his dealings with investigators on Tuesday to a Manhattan jury at the trial of former SAC Capital portfolio manager Mathew Martoma.

The government says the secrets were about a clinical trial for a promising Alzheimer's drug.

The 81-year-old Gilman says he was "hoping it would go away" when he lied to the FBI in September 2011.

He says he had betrayed his colleagues, himself and his employer: the University of Michigan. He eventually signed a non-prosecution agreement and agreed to testify.

Prosecutors say Gilman's tips helped Martoma and SAC Capital earn US$250 million ($300 million) illegally.

Martoma has pleaded not guilty.

Ad Feedback

- AP

Special offers

Featured Promotions

Sponsored Content