Expert 'too ashamed' to tell truth about insider trading
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.