India link in fresh US insider trading scam
- Bihar: School director dies after mob assault over death of two students
- PM spoke about Rakhi, but neglected Muslims during 'Ramzan': Congress
- Watch video: CCTV captures Mumbai local ramming into station
- Another Vyapam scam accused dies; 24th death in the case
- Sushma's Ministry declines info under RTI on Lalit Modi's passport issue
A prominent Indian-origin hedge fund portfolio manager has been charged with participating in one of the "most lucrative" insider trading schemes ever in the US.
Mathew Martoma, 38, has been charged with using material, non-public information that he received from a doctor on the clinical trial of an Alzheimer's drug to make profits and avoid losses for his hedge fund for an amount totalling approximately $276 million.
Martoma, who was arrested last week from his home in Boca Raton, Florida, was released on Monday on a $5 million bail after a brief hearing at the Manhattan federal court here. He did not enter any plea and the judge set the next hearing for December 26.
The US Securities and Exchange Commission has also filed a civil insider trading case against him.