Alumnus Matthew Martoma convicted of insider trading
Martoma will face a prison sentence from seven to 10 years, according to a New York Times report. He was found guilty of seeking confidential information regarding a clinical trial for Alzheimer's medication in order to benefit his former employer, the hedge fund SAC Capital Advisors.
The three-week trial garnered considerable media attention. Prosecutors claimed the case "might be the most lucrative inside tip of all time." Martoma became the eighth SAC employee to be convicted or to plead guilty to securities fraud, according to the New York Times.
At the start of the trial, it was revealed that Martoma had been expelled from Harvard Law School in 1999 for lying on his transcript.