New York: A former hedge fund portfolio manager accused of passing along information in one of the largest insider trading fraud cases in history appeared in a Manhattan court for the first time on Monday and was released on $5 million bail, though his movements were restricted.
Mathew Martoma, 38, must post $2 million in cash or property by next week to satisfy the new bail requirements, which will limit his travel to New York, New Jersey, Florida and Massachusetts.
Martoma was arrested last week on charges that between 2006 and 2008, he helped to engineer one of the largest insider trading frauds in history. Martoma worked with CR Intrinsic Investors, an affiliate of SAC Capital Advisors. SAC is owned by Steven A. Cohen, one of the world's richest men.
Martoma was not required to enter a plea, since an indictment has not been returned.
"We took care of business today and we'll be back another day," said Martoma's lawyer, Charles Stillman.
Martoma was arrested on November 20. Prosecutors say he exploited an acquaintance with a medical school professor to get confidential, advance results from tests of an Alzheimer's disease drug.