Expert 'too ashamed' to tell truth about insider trading

Last updated 10:14 22/01/2014

Relevant offers

World

Greece faces last chance to stay in euro as cash runs out A chance to follow Shackleton offered by Antarctic Heritage Trust Pacific trade talks said to resume, a sign deal may be near UK HSBC bank staff sacked for Islamic State beheading prank Greece: Banks to stay shut and may run out of money before Eurozone decision Greece, eurozone lawmakers negotiate new bailout proposals Australian consumer watchdog scrutinises Monster Slide Greek finance minister Yanis Varoufakis resigns, PM to step into role Where next after Greece's No vote? 7 key things to know about Greece's debt crisis and what happens next

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