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SAC's Martoma found guilty of insider trading

Thursday, 6 Feb 2014 | 2:27 PM ET

NEW YORK, Feb 6 (Reuters) - Mathew Martoma, a former portfolio manager at billionaire Steven A. Cohen's SAC Capital Advisors hedge fund, was found guilty on Thursday of engaging in the most lucrative insider trading scheme in U.S. history.

A federal jury in Manhattan found Martoma, 39, guilty on all three of the conspiracy and securities fraud charges that he faced, in what prosecutors said was a scheme that netted SAC Capital $275 million.

The verdict was the eighth insider trading conviction of a current or former employee at SAC Capital, the $14 billion hedge fund that has long been in federal authorities' cross-hairs.

(Reporting by Nate Raymond. Editing by Andre Grenon)