BREAKING NEWS FROM CNBC’S KATE KELLY: DEFENDANT IN INSIDER TRADING CASE, MATTHEW MARTOMA, WORKED AT UNIT OF SAC CAPITAL
When: Today, Tuesday, Nov. 20th
Where: "Squawk on the Street"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.
KATE KELLY: JUST A FEW ADDITIONAL DETAILS ABOUT THE LATEST INSIDER TRADING CASE ARREST FROM THE U.S. ATTORNEY'S OFFICE FOR THE SOUTHERN DISTRICT OF NEW YORK. WE HAVE LEARNED AT CNBC THAT THE DEFENDANT INVOLVED HERE IS A FORMER EMPLOYEE OF SAC CAPITAL AND SPECIFICALLY AT A UNIT OF SAC KNOWN AS CR INTRINSIC. MATTHEW MARTOMA, THE DEFENDANT IN THIS LATEST INSIDER TRADING CASE, WHICH ALLEGEDLY RESULTED IN A QUARTER BILLION DOLLARS IN ILL GOTTEN GAINS RELATED TO INSIDE INFORMATION ON TWO PHARMACEUTICAL COMPANIES. MATTHEW MARTOMA WORKED AT THIS UNIT OF SAC CAPITAL. WAS ARRESTED THIS MORNING AT HIS FLORIDA HOME BY FBI AGENTS WE ARE TOLD AND THERE WILL BE A PRESS CONFERENCE WITH MORE DETAILS ON THIS AT 12:30. THE OTHER THING WE HAVE SEEN IS THAT SAC DID INDEED HAVE LARGE POSITIONS IN THE TWO COMPANIES INVOLVED, ELAN PHARMACEUTICALS AND WYETH IN 2008, MELISSA AND CARL. MORE ON THAT WHEN WE GET IT.
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